Fortinet (NASDAQ:FTNT) Price Target Lowered to $68.00 at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its target price lowered by Royal Bank of Canada from $71.00 to $68.00 in a report published on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the software maker’s stock.

Other analysts have also issued reports about the stock. HSBC lowered shares of Fortinet from a hold rating to a reduce rating and set a $57.00 target price for the company. in a research note on Wednesday, February 7th. Wedbush reaffirmed an outperform rating and set a $86.00 target price on shares of Fortinet in a research report on Wednesday, May 1st. Rosenblatt Securities reiterated a buy rating and issued a $85.00 price target on shares of Fortinet in a report on Friday. UBS Group lifted their target price on Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. Finally, Susquehanna reissued a neutral rating and set a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $70.37.

Fortinet Trading Down 0.1 %

Shares of NASDAQ FTNT opened at $58.81 on Friday. The stock has a market capitalization of $44.89 billion, a P/E ratio of 38.44, a PEG ratio of 2.60 and a beta of 1.08. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The business’s 50 day moving average is $67.34 and its two-hundred day moving average is $61.96. 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:FTNT) last released its quarterly earnings results 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 negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the firm posted $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, research analysts expect that Fortinet will post 1.4 EPS for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the business’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 sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction 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 available through the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The shares were 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 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. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 over the last ninety days. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cito Capital Group LLC acquired a new stake in Fortinet during the third quarter worth approximately $660,000. Vontobel Holding Ltd. lifted its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after acquiring an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares during the last quarter. LGT Group Foundation increased its position in shares of Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after purchasing an additional 94,475 shares in the last quarter. Finally, Alamar Capital Management LLC boosted its position 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 valued at $3,743,000 after purchasing an additional 7,110 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

About Fortinet

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.