Fortinet (NASDAQ:FTNT) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Fortinet (NASDAQ:FTNT) in a research report report published on Wednesday, Benzinga reports. They currently have a $85.00 price target on the software maker’s stock.

FTNT has been the subject of a number of other research reports. BMO Capital Markets lifted their price objective on shares of Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $52.00 to $56.00 and gave the company a neutral rating in a report on Monday, December 11th. StockNews.com cut shares of Fortinet from a buy rating to a hold rating in a report on Monday, March 4th. Cantor Fitzgerald reaffirmed a neutral rating and issued a $75.00 price objective (up previously from $50.00) on shares of Fortinet in a report on Wednesday, February 7th. Finally, Wells Fargo & Company boosted their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $72.35.

Fortinet Trading Up 3.6 %

NASDAQ FTNT opened at $71.32 on Wednesday. The company has a market capitalization of $54.42 billion, a PE ratio of 49.19, a P/E/G ratio of 3.01 and a beta of 1.08. The company has a fifty day moving average of $68.57 and a 200 day moving average of $60.91. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

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

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock worth $10,233,981 in the last ninety days. 17.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in FTNT. Vima LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $25,000. Headinvest LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet during the 4th quarter worth approximately $29,000. Retirement Group LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $30,000. Finally, Resurgent Financial Advisors LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $31,000. 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.