Fortinet (NASDAQ:FTNT) Price Target Cut to $62.00

Fortinet (NASDAQ:FTNT) had its price target cut by stock analysts at Wells Fargo & Company from $70.00 to $62.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 5.30% from the stock’s previous close.

FTNT has been the topic of a number of other research reports. Morgan Stanley cut their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday. Mizuho reduced their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday. Cantor Fitzgerald lowered their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Finally, Piper Sandler decreased their target price on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Friday. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $70.68.

Fortinet Stock Down 9.7 %

FTNT traded down $6.32 during trading on Friday, hitting $58.88. The stock had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The stock has a 50 day simple moving average of $67.53 and a two-hundred day simple moving average of $61.92. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a market capitalization of $44.94 billion, a PE ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, research analysts predict that Fortinet will post 1.4 earnings per share for the current year.

Insider Activity

In related 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 transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares in the company, 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, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The shares were 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 owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock worth $8,021,556 over the last 90 days. 17.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB lifted its position in Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares in the last quarter. Morgan Stanley raised its holdings in shares of Fortinet by 1.3% during the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after acquiring an additional 108,548 shares during the period. Invesco Ltd. boosted its position in shares of Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after acquiring an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after acquiring an additional 153,119 shares during the last quarter. Finally, Norges Bank acquired a new stake in Fortinet during the fourth quarter worth about $203,501,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Company Profile

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.