Fortinet (NASDAQ:FTNT) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Fortinet (NASDAQ:FTNTFree Report) in a research report released on Tuesday, Benzinga reports.

Other analysts have also recently issued reports about the company. Barclays reduced their price target on Fortinet from $80.00 to $75.00 and set an equal weight rating for the company in a report on Friday, May 3rd. Robert W. Baird reduced their price target on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a report on Friday, May 3rd. BMO Capital Markets dropped their price objective on Fortinet from $82.00 to $70.00 and set a market perform rating for the company in a research note on Friday, May 3rd. Susquehanna dropped their price objective on Fortinet from $80.00 to $65.00 and set a neutral rating for the company in a research note on Monday, May 6th. Finally, Royal Bank of Canada dropped their price objective on Fortinet from $71.00 to $68.00 and set a sector perform rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $70.10.

View Our Latest Research Report on FTNT

Fortinet Stock Up 0.9 %

FTNT opened at $60.78 on Tuesday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The business has a 50 day simple moving average of $62.18 and a 200-day simple moving average of $63.15. The stock has a market capitalization of $46.43 billion, a P/E ratio of 39.73, a P/E/G ratio of 2.97 and a beta of 0.98. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24.

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

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 586 shares of the stock in a transaction dated 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 transaction, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, 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. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 over the last quarter. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Winthrop Capital Management LLC acquired a new position in Fortinet in the first quarter valued at $25,000. Rise Advisors LLC boosted its holdings in 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 during the last quarter. Vima LLC acquired a new position in Fortinet in the fourth quarter valued at $25,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet during the fourth quarter worth about $29,000. Finally, Headinvest LLC acquired a new position in shares of Fortinet during the third quarter worth about $29,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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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