Fortinet (NASDAQ:FTNT) Receives Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a report released on Wednesday, Benzinga reports. The firm currently has a $65.00 target price on the software maker’s stock.

Other research analysts have also recently issued reports about the stock. Truist Financial increased their price objective on shares of Fortinet from $60.00 to $80.00 and gave the company a buy rating in a report on Wednesday, February 7th. Susquehanna reiterated a neutral rating and issued a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Scotiabank increased their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a sector outperform rating in a report on Wednesday, February 7th. UBS Group increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a report on Wednesday, January 10th. Finally, Mizuho increased their price objective on shares of Fortinet from $60.00 to $70.00 and gave the company a neutral rating in a report on Wednesday, February 7th. 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 company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $72.03.

Fortinet Price Performance

NASDAQ FTNT opened at $64.66 on Wednesday. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.34 billion, a price-to-earnings ratio of 44.59, a price-to-earnings-growth ratio of 2.86 and a beta of 1.08. The company has a 50-day moving average price of $68.72 and a two-hundred day moving average price of $61.50.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. Fortinet’s quarterly revenue was up 10.3% on a year-over-year basis. Analysts forecast that Fortinet will post 1.39 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 in the last quarter. 17.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Cito Capital Group LLC acquired a new stake in Fortinet in the 3rd quarter worth $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. grew its position in 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 purchasing an additional 38,751 shares during the last quarter. Alamar Capital Management LLC boosted its position in shares of Fortinet by 12.5% during the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares in the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at about $1,487,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.