Fortinet (NASDAQ:FTNT) Stock Rating Reaffirmed by Cantor Fitzgerald

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reiterated by equities research analysts at Cantor Fitzgerald in a note issued to investors on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the software maker’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 1.51% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Sanford C. Bernstein initiated coverage on Fortinet in a research note on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. Capital One Financial downgraded Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Stifel Nicolaus upped their price objective on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, February 7th. Wells Fargo & Company increased their price target on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Finally, Susquehanna reissued a “neutral” rating and issued a $80.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $72.19.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $64.03 on Wednesday. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 44.16, a PEG ratio of 2.86 and a beta of 1.08. The stock’s 50 day moving average is $68.64 and its 200-day moving average is $61.52. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. Sell-side analysts forecast that Fortinet will post 1.39 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 in the last quarter. 17.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of large investors have recently made changes to their positions in FTNT. Vima LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $25,000. Rise Advisors LLC raised its stake in shares of 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 in the last quarter. Headinvest LLC acquired a new stake in shares of Fortinet in the third quarter valued at $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet in the fourth quarter valued at $29,000. Finally, Retirement Group LLC purchased a new position in shares of Fortinet during the fourth quarter worth about $30,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.