Fortinet, Inc. (NASDAQ:FTNT) Receives Average Recommendation of “Hold” from Analysts

Fortinet, Inc. (NASDAQ:FTNT) has earned a consensus rating of “Hold” from the thirty-three brokerages that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $72.35.

A number of brokerages have issued reports on FTNT. Mizuho upped their price target on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Truist Financial upped their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Susquehanna reaffirmed a “neutral” rating and issued a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. The Goldman Sachs Group upped their price objective on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Finally, HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 7th.

Insider Buying and Selling

In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,147 shares of company stock worth $7,424,394. Insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vima LLC purchased a new position in Fortinet in the fourth quarter worth approximately $25,000. Rise Advisors LLC lifted its stake in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Headinvest LLC purchased a new position in Fortinet in the third quarter worth approximately $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet in the fourth quarter worth approximately $29,000. Finally, Retirement Group LLC purchased a new position in Fortinet in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 2.6 %

Shares of Fortinet stock opened at $66.45 on Friday. The company has a market cap of $50.70 billion, a P/E ratio of 45.83, a PEG ratio of 3.03 and a beta of 1.08. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The firm’s 50 day moving average price is $68.91 and its 200-day moving average price is $61.37.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business posted $0.38 EPS. Fortinet’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts predict that Fortinet will post 1.39 EPS for the current fiscal year.

Fortinet Company Profile

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.