Fortinet (NASDAQ:FTNT) Given New $75.00 Price Target at Robert W. Baird

Fortinet (NASDAQ:FTNT) had its target price reduced by equities researchers at Robert W. Baird from $81.00 to $75.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would indicate a potential upside of 27.38% from the company’s current price.

Other analysts also recently issued research reports about the stock. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Truist Financial upped their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. BMO Capital Markets upped their price target on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Scotiabank boosted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. Finally, HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.68.

Fortinet Stock Down 9.7 %

Shares of NASDAQ FTNT opened at $58.88 on Friday. 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 has a 52 week low of $44.12 and a 52 week high of $81.24. The firm has a 50-day moving average price of $67.53 and a 200 day moving average price of $61.90. The stock has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS 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 5,061.85%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that Fortinet will post 1.4 EPS for the current fiscal year.

Insiders Place Their Bets

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 shares were 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 $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 over the last ninety days. 17.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Rise Advisors LLC boosted 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 purchasing an additional 217 shares during the period. Vima LLC purchased a new position in shares of Fortinet in the fourth quarter valued at $25,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the fourth quarter valued at $29,000. Headinvest LLC purchased a new position in shares of Fortinet in the third quarter valued at $29,000. Finally, Creekmur Asset Management LLC bought a new position in Fortinet during the 4th quarter valued at $32,000. 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.