Fortinet (NASDAQ:FTNT) Given New $55.00 Price Target at Cantor Fitzgerald

Fortinet (NASDAQ:FTNT) had its target price lowered by Cantor Fitzgerald from $65.00 to $55.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock. Cantor Fitzgerald also issued estimates for Fortinet’s FY2024 earnings at $1.46 EPS.

A number of other equities research analysts have also weighed in on FTNT. Scotiabank boosted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a sector outperform rating in a report on Wednesday, February 7th. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a report on Friday. Robert W. Baird decreased their target price on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a report on Friday. Royal Bank of Canada upped their target price on Fortinet from $60.00 to $71.00 and gave the company a sector perform rating in a research report on Wednesday, February 7th. Finally, Jefferies Financial Group reduced their price target on shares of Fortinet from $75.00 to $70.00 and set a hold rating for the company in a research report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $70.37.

Fortinet Stock Down 0.1 %

NASDAQ:FTNT traded down $0.07 during mid-day trading on Friday, hitting $58.81. 14,428,140 shares of the company’s stock traded hands, compared to its average volume of 5,977,987. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The company has a market capitalization of $44.89 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a fifty day moving average of $67.53 and a 200 day moving average of $61.95. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $0.29 EPS. On average, analysts forecast that Fortinet will post 1.4 EPS for the current year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on 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 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. Over the last 90 days, insiders have sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of FTNT. Vima LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $25,000. Rise Advisors LLC raised its position in Fortinet by 135.6% in the first 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 purchased a new stake in Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the fourth quarter worth $29,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.