Evercore ISI Cuts Fortinet (NASDAQ:FTNT) Price Target to $67.00

Fortinet (NASDAQ:FTNT) had its price target trimmed by Evercore ISI from $72.00 to $67.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an in-line rating on the software maker’s stock.

Other research analysts also recently issued reports about the stock. Mizuho cut their price target on shares of Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a report on Friday. Daiwa Capital Markets raised shares of Fortinet from a neutral rating to an outperform rating and set a $75.00 price target for the company in a research note on Tuesday, February 13th. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a research report on Wednesday, February 7th. Capital One Financial lowered Fortinet from an overweight rating to an equal weight rating in a research note on Wednesday, January 17th. Finally, Susquehanna reissued a neutral rating and issued a $80.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Stock Performance

FTNT traded down $0.07 during trading on Friday, hitting $58.81. 14,471,111 shares of the company traded hands, compared to its average volume of 5,978,480. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The firm has a market cap of $44.89 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. Fortinet has a one year low of $44.12 and a one year high of $81.24. The stock’s fifty day moving average is $67.53 and its 200 day moving average is $61.95.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 EPS. As a group, equities analysts predict that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vima LLC bought a new stake in Fortinet during the 4th quarter valued at approximately $25,000. Rise Advisors LLC raised its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC bought a new stake in Fortinet during the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new stake in Fortinet during the 4th quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet during the 4th quarter valued at approximately $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.