Recent Investment Analysts’ Ratings Updates for Fortinet (FTNT)

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

• 1/23/2023 – Fortinet is now covered by analysts at Guggenheim. They set a “neutral” rating on the stock.
• 1/23/2023 – Fortinet had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $63.00 to $53.00. They now have a “hold” rating on the stock.
• 1/20/2023 – Fortinet had its price target lowered by analysts at Mizuho from $65.00 to $60.00. They now have a “buy” rating on the stock.
• 1/17/2023 – Fortinet is now covered by analysts at Scotiabank. They set a “sector outperform” rating and a $65.00 price target on the stock.
• 1/13/2023 – Fortinet was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating.
• 1/11/2023 – Fortinet had its price target lowered by analysts at Barclays PLC from $57.00 to $56.00. They now have an “overweight” rating on the stock.
• 1/5/2023 – Fortinet had its price target lowered by analysts at Piper Sandler from $60.00 to $57.00. They now have a “neutral” rating on the stock.
• 12/22/2022 – Fortinet had its price target raised by analysts at Morgan Stanley from $66.00 to $71.00. They now have an “overweight” rating on the stock.

Fortinet Price Performance

NASDAQ FTNT opened at $50.51 on Tuesday. The stock’s fifty day moving average price is $50.92 and its 200 day moving average price is $52.43. Fortinet, Inc. has a 1 year low of $42.61 and a 1 year high of $71.52. The company has a market cap of $39.46 billion, a price-to-earnings ratio of 55.75, a PEG ratio of 2.59 and a beta of 1.13.

Fortinet (NASDAQ:FTNT – Get Rating) last released its earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.08. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the firm earned $0.15 EPS. The firm’s revenue was up 32.6% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 0.9 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $55.00, for a total value of $171,875.00. Following the sale, the vice president now directly owns 12,876 shares of the company’s stock, valued at $708,180. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 18.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FTNT. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Fortinet by 24.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after purchasing an additional 76,027 shares during the last quarter. Raymond James Trust N.A. raised its holdings in Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after acquiring an additional 441 shares during the last quarter. Zions Bancorporation N.A. raised its holdings in Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in Fortinet by 209.4% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after acquiring an additional 1,049 shares during the last quarter. Finally, Covestor Ltd raised its holdings in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 64.35% of the company’s stock.

Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.