Fortinet (NASDAQ:FTNT) Lowered to Hold at StockNews.com

Fortinet (NASDAQ:FTNTGet Free Report) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Several other equities research analysts also recently commented on FTNT. Barclays reduced their target price on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. HSBC cut their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday, May 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Tuesday. Wells Fargo & Company reduced their target price on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Finally, Jefferies Financial Group lowered their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $70.10.

Get Our Latest Analysis on FTNT

Fortinet Price Performance

Shares of FTNT traded down $0.35 during midday trading on Tuesday, reaching $59.74. The stock had a trading volume of 5,133,236 shares, compared to its average volume of 5,845,300. The firm’s 50 day moving average price is $62.75 and its 200-day moving average price is $63.15. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market capitalization of $45.64 billion, a P/E ratio of 39.05, a P/E/G ratio of 2.93 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

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

Insider Activity

In related news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom bought 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders sold 67,403 shares of company stock valued at $4,262,858. 18.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares during the last quarter. Morgan Stanley lifted its position in shares of Fortinet by 1.3% during the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after purchasing an additional 108,548 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of Fortinet during the first quarter valued at approximately $548,013,000. 83.71% of the stock is owned by institutional investors.

About Fortinet

(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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