Fortinet (NASDAQ:FTNT) Given “Neutral” Rating at Piper Sandler

Piper Sandler reiterated their neutral rating on shares of Fortinet (NASDAQ:FTNTFree Report) in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a $75.00 target price on the software maker’s stock.

Several other equities analysts have also recently issued reports on FTNT. Stifel Nicolaus boosted their price target on shares of Fortinet from $52.00 to $78.00 and gave the company a hold rating in a research report on Wednesday, February 7th. Truist Financial boosted their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a buy rating in a research report on Wednesday, February 7th. Citigroup cut shares of Fortinet from a buy rating to a neutral rating and upped their price objective for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Rosenblatt Securities restated a buy rating and issued a $85.00 price objective on shares of Fortinet in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $52.00 to $56.00 and gave the stock a neutral rating in a report on Monday, December 11th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $72.35.

Get Our Latest Research Report on Fortinet

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $71.32 on Wednesday. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a 50-day moving average price of $68.57 and a 200-day moving average price of $60.91. The company has a market cap of $54.42 billion, a price-to-earnings ratio of 49.19, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. Fortinet’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, equities analysts anticipate that Fortinet will post 1.39 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,733 shares of the stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 46,733 shares of the stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The disclosure for this sale can be found here. Insiders have sold a total of 154,880 shares of company stock worth $10,233,981 over the last quarter. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FTNT. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after purchasing an additional 76,027 shares in the last quarter. Raymond James Trust N.A. increased its stake in shares of Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after purchasing an additional 441 shares in the last quarter. Zions Bancorporation N.A. increased its stake in shares of Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after purchasing an additional 1,049 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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