Rosenblatt Securities Reaffirms Neutral Rating for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reiterated by investment analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $85.00 target price on the software maker’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 3.92% from the company’s current price.

Other equities research analysts have also issued reports about the company. TD Cowen restated a “hold” rating and issued a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Scotiabank decreased their price target on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. cut their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Finally, Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $92.48.

Fortinet Price Performance

Shares of FTNT opened at $81.79 on Thursday. Fortinet has a one year low of $70.12 and a one year high of $114.82. The stock’s fifty day moving average is $83.16 and its 200-day moving average is $93.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a market capitalization of $62.67 billion, a price-to-earnings ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $0.63 EPS. Fortinet’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Equities analysts anticipate that Fortinet will post 2.09 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Fortinet by 6.8% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after purchasing an additional 82,937 shares during the period. Warther Private Wealth LLC grew its holdings in Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after purchasing an additional 51,750 shares during the period. Cooper Financial Group acquired a new position in Fortinet during the second quarter worth approximately $2,653,000. Mainstay Capital Management LLC ADV raised its stake in Fortinet by 105.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after buying an additional 8,643 shares during the period. Finally, Motley Fool Asset Management LLC boosted its holdings in shares of Fortinet by 15.0% during the 2nd quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock worth $5,335,000 after buying an additional 6,566 shares during the period. Institutional investors and hedge funds 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.