Fortinet (NASDAQ:FTNT) PT Lowered to $62.00 at Wells Fargo & Company

Fortinet (NASDAQ:FTNT) had its price objective lowered by Wells Fargo & Company from $70.00 to $62.00 in a report released on Friday, Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

Several other research firms have also commented on FTNT. Morgan Stanley lowered their price objective on shares of Fortinet from $81.00 to $73.00 and set an overweight rating on the stock in a research note on Friday. JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $67.00 to $63.00 and set a neutral rating on the stock in a research note on Friday. Rosenblatt Securities reissued a buy rating and set a $85.00 price objective on shares of Fortinet in a research report on Friday. Evercore ISI lowered their target price on Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a research report on Friday. Finally, Sanford C. Bernstein initiated coverage on Fortinet in a research report on Thursday, January 18th. They issued a market perform rating and a $65.00 price target for the company. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of Hold and an average target price of $70.87.

Fortinet Stock Down 9.7 %

NASDAQ:FTNT opened at $58.88 on Friday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm’s 50-day moving average price is $67.53 and its 200-day moving average price is $61.92. The company has a market capitalization of $44.94 billion, a PE ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. Fortinet’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $0.29 EPS. On average, equities analysts predict that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB grew its stake in Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Morgan Stanley increased its holdings in Fortinet by 1.3% during the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. raised its position in Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after purchasing an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after buying an additional 153,119 shares during the period. Finally, Norges Bank bought a new position in shares of Fortinet during the 4th quarter worth $203,501,000. 83.71% of the stock is currently owned by institutional investors.

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.