Fortinet (NASDAQ:FTNT) Price Target Lowered to $70.00 at Jefferies Financial Group

Fortinet (NASDAQ:FTNT) had its price target reduced by Jefferies Financial Group from $75.00 to $70.00 in a research report released on Thursday, Benzinga reports. They currently have a hold rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Citigroup lowered shares of Fortinet from a buy rating to a neutral rating and lifted their price target for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Rosenblatt Securities reissued a buy rating and issued a $85.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Scotiabank boosted their target price on Fortinet from $70.00 to $90.00 and gave the company a sector outperform rating in a research report on Wednesday, February 7th. UBS Group boosted their target price on Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. Finally, BMO Capital Markets boosted their target price on Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $72.19.

Fortinet Trading Down 1.0 %

FTNT opened at $64.03 on Thursday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company’s 50 day simple moving average is $68.64 and its two-hundred day simple moving average is $61.52. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 44.16, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. Analysts expect that Fortinet will post 1.39 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 46,084 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Eagle Capital Management LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $1,714,000. Oak Thistle LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $466,000. Aviance Capital Partners LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $205,000. Financial Partners Group LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $1,182,000. Finally, Trilogy Capital Inc. acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $415,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.