Fortinet (NASDAQ:FTNT) Price Target Cut to $54.00

Fortinet (NASDAQ:FTNT) had its target price decreased by HSBC from $57.00 to $54.00 in a research report sent to investors on Friday, Benzinga reports. HSBC currently has a reduce rating on the software maker’s stock.

A number of other equities analysts have also weighed in on FTNT. Mizuho decreased their price target on shares of Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a report on Friday. DZ Bank lowered 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. Needham & Company LLC reiterated a hold rating on shares of Fortinet in a report on Friday. Scotiabank cut their target price on shares of Fortinet from $90.00 to $80.00 and set a sector outperform rating on the stock in a research note on Friday. Finally, Piper Sandler cut their target price on shares of Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $70.37.

Fortinet Stock Down 0.1 %

Shares of NASDAQ FTNT opened at $58.81 on Friday. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The firm’s 50 day moving average price is $67.53 and its 200 day moving average price is $61.95. The firm has a market cap of $44.89 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNT) last announced its 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 firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 earnings per share. As a group, sell-side analysts anticipate that Fortinet will post 1.4 earnings per share for the current year.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated 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 owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Cito Capital Group LLC bought a new position in Fortinet in the 3rd quarter worth about $660,000. Vontobel Holding Ltd. grew its position in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after acquiring an additional 38,751 shares during the period. LGT Group Foundation lifted its stake in shares of Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after acquiring an additional 94,475 shares during the period. Finally, Alamar Capital Management LLC lifted its stake in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after acquiring an additional 7,110 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.