Fortinet (FTNT) – Analysts’ Weekly Ratings Updates

Fortinet (NASDAQ: FTNT) recently received a number of ratings updates from brokerages and research firms:

  • 5/12/2022 – Fortinet had its price target lowered by analysts at BMO Capital Markets from $360.00 to $325.00.
  • 5/11/2022 – Fortinet had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $320.00 to $300.00.
  • 5/11/2022 – Fortinet had its price target lowered by analysts at KeyCorp from $410.00 to $353.00.
  • 5/10/2022 – Fortinet was downgraded by analysts at TheStreet from a “b” rating to a “c+” rating.
  • 5/5/2022 – Fortinet was upgraded by analysts at Mizuho from a “neutral” rating to a “buy” rating. They now have a $350.00 price target on the stock, up previously from $340.00.
  • 5/5/2022 – Fortinet had its price target lowered by analysts at Wedbush from $370.00 to $340.00.
  • 5/5/2022 – Fortinet had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $250.00 to $320.00.
  • 5/5/2022 – Fortinet had its price target raised by analysts at Wells Fargo & Company from $360.00 to $400.00.
  • 4/14/2022 – Fortinet had its price target raised by analysts at Wedbush from $350.00 to $370.00. They now have an “outperform” rating on the stock.
  • 4/12/2022 – Fortinet had its price target raised by analysts at The Goldman Sachs Group, Inc. from $362.00 to $390.00.
  • 3/31/2022 – Fortinet is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
  • 3/29/2022 – Fortinet was upgraded by analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating. They now have a $395.00 price target on the stock, up previously from $364.00.

NASDAQ:FTNT traded up $1.26 during mid-day trading on Wednesday, reaching $287.10. The stock had a trading volume of 37,647 shares, compared to its average volume of 1,487,169. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.28 and a quick ratio of 1.20. The stock has a market cap of $46.09 billion, a P/E ratio of 75.16, a PEG ratio of 4.03 and a beta of 1.21. Fortinet, Inc. has a fifty-two week low of $211.67 and a fifty-two week high of $371.77. The business’s 50 day moving average is $309.87 and its 200 day moving average is $315.96.

Fortinet (NASDAQ:FTNTGet Rating) last posted its earnings results on Wednesday, May 4th. The software maker reported $0.84 EPS for the quarter, topping the consensus estimate of $0.50 by $0.34. The firm had revenue of $954.80 million for the quarter, compared to the consensus estimate of $886.45 million. Fortinet had a net margin of 17.79% and a return on equity of 67.94%. The business’s quarterly revenue was up 34.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. Equities analysts expect that Fortinet, Inc. will post 3.79 EPS for the current year.

In related news, VP Michael Xie sold 1,653 shares of the firm’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $248.85, for a total transaction of $411,349.05. Following the sale, the vice president now directly owns 5,954,424 shares in the company, valued at $1,481,758,412.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 3,127 shares of Fortinet stock in a transaction dated Thursday, February 24th. The stock was sold at an average price of $316.36, for a total transaction of $989,257.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,808 shares of company stock valued at $2,313,480. 18.60% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Fortinet in the fourth quarter valued at $367,905,000. Two Sigma Advisers LP raised its stake in shares of Fortinet by 225.0% in the third quarter. Two Sigma Advisers LP now owns 818,244 shares of the software maker’s stock worth $238,960,000 after buying an additional 566,500 shares during the period. BlackRock Inc. grew its holdings in Fortinet by 4.1% during the 4th quarter. BlackRock Inc. now owns 11,668,040 shares of the software maker’s stock valued at $4,193,491,000 after buying an additional 460,972 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 63.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 776,449 shares of the software maker’s stock worth $265,344,000 after buying an additional 300,614 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its position in shares of Fortinet by 5,440.8% during the first quarter. Neuberger Berman Group LLC now owns 298,430 shares of the software maker’s stock valued at $101,987,000 after buying an additional 293,044 shares during the period. Institutional investors own 67.47% of the company’s stock.

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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