Fortinet (NASDAQ:FTNT) PT Lowered to $70.00

Fortinet (NASDAQ:FTNT) had its target price cut by Piper Sandler from $75.00 to $70.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other research analysts have also recently issued reports on the company. Morgan Stanley upped their price target on Fortinet from $77.00 to $81.00 and gave the company an overweight rating in a report on Wednesday, February 7th. Scotiabank lifted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a sector outperform rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reiterated a neutral rating and set a $65.00 price objective on shares of Fortinet in a research report on Wednesday, April 17th. Citigroup cut shares of Fortinet from a buy rating to a neutral rating and lifted their price objective for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Finally, Needham & Company LLC reiterated a hold rating on shares of Fortinet in a research report on Friday. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $58.88 on Friday. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.60 and a beta of 1.08. The stock’s 50 day moving average price is $67.53 and its 200 day moving average price is $61.95. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the company’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 completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,694 shares of the company’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 completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the company’s 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 transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,480 shares of company stock valued at $8,021,556. Insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vima LLC bought a new stake in Fortinet in the fourth quarter valued at about $25,000. Rise Advisors LLC increased its stake 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 acquiring an additional 217 shares during the period. Headinvest LLC bought a new stake in Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. bought a new stake in Fortinet in the fourth quarter valued at about $29,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet in the fourth quarter valued at about $32,000. Institutional investors own 83.71% of the company’s stock.

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.