TD Cowen Lowers Fortinet (NASDAQ:FTNT) Price Target to $100.00

Fortinet (NASDAQ:FTNT) had its target price dropped by TD Cowen from $105.00 to $100.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. TD Cowen’s target price would indicate a potential upside of 22.26% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Evercore ISI reduced their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Wedbush decreased their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. cut their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Finally, Scotiabank reduced their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $92.48.

Fortinet Stock Up 1.6%

Shares of Fortinet stock opened at $81.79 on Thursday. The business’s 50 day simple moving average is $83.16 and its 200 day simple moving average is $93.11. Fortinet has a 52-week low of $70.12 and a 52-week high of $114.82. The firm has a market cap of $62.67 billion, a PE ratio of 32.59, a P/E/G ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

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

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of FTNT. Brighton Jones LLC increased its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after buying an additional 221 shares during the period. Bison Wealth LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $585,000. OneDigital Investment Advisors LLC increased its stake in Fortinet by 20.6% in the first quarter. OneDigital Investment Advisors LLC now owns 6,438 shares of the software maker’s stock valued at $620,000 after acquiring an additional 1,099 shares during the last quarter. World Investment Advisors raised its holdings in shares of Fortinet by 20.7% during the 1st quarter. World Investment Advisors now owns 3,758 shares of the software maker’s stock worth $362,000 after buying an additional 644 shares in the last quarter. Finally, Brown Advisory Inc. boosted its stake in Fortinet by 2.5% in the first quarter. Brown Advisory Inc. now owns 106,280 shares of the software maker’s stock valued at $10,231,000 after buying an additional 2,544 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

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.