Fortinet, Inc. (NASDAQ:FTNT) Receives Average Recommendation of “Hold” from Analysts

Fortinet, Inc. (NASDAQ:FTNTGet Free Report) has been given an average recommendation of “Hold” by the thirty-two ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $70.10.

FTNT has been the topic of several research reports. Cantor Fitzgerald cut their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Piper Sandler cut their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. HSBC cut their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. BMO Capital Markets cut their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Finally, Robert W. Baird cut their target price on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd.

Get Our Latest Research Report on FTNT

Fortinet Stock Down 0.1 %

NASDAQ FTNT opened at $59.72 on Monday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The company has a market capitalization of $45.62 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.93 and a beta of 0.98. Fortinet has a one year low of $44.12 and a one year high of $81.24. The stock has a 50 day moving average price of $63.08 and a 200-day moving average price of $62.90.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. As a group, equities analysts predict that Fortinet will post 1.46 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 91,097 shares of company stock worth $5,954,610. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV increased its stake in Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its position in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after buying an additional 185 shares during the period. Buckhead Capital Management LLC boosted its holdings in Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after purchasing an additional 187 shares during the last quarter. STF Management LP boosted its holdings in Fortinet by 1.5% in the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after purchasing an additional 187 shares during the last quarter. Finally, Johnson Investment Counsel Inc. boosted its holdings in Fortinet by 1.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after purchasing an additional 200 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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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