Fortinet (NASDAQ:FTNT) Given New $75.00 Price Target at Barclays

Fortinet (NASDAQ:FTNT) had its price target cut by Barclays from $80.00 to $75.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

A number of other analysts have also commented on FTNT. Scotiabank boosted their price target on shares of Fortinet from $70.00 to $90.00 and gave the company a sector outperform rating in a research note on Wednesday, February 7th. Capital One Financial lowered shares of Fortinet from an overweight rating to an equal weight rating in a research note on Wednesday, January 17th. BMO Capital Markets boosted their price target on shares of Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a research note on Wednesday, February 7th. Susquehanna restated a neutral rating and set a $80.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, DZ Bank lowered shares of Fortinet from a hold rating to a sell rating and set a $60.00 target price for the company. in a research note on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Stock Down 0.1 %

Fortinet stock opened at $58.81 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24. The firm’s fifty day moving average is $67.34 and its 200 day moving average is $61.96. The company has a market capitalization of $44.89 billion, a PE ratio of 38.44, a PEG ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.29 EPS. As a group, sell-side analysts predict that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB increased its position in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Morgan Stanley increased its position in shares of Fortinet by 1.3% in the third 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 last quarter. Invesco Ltd. increased its position in shares of Fortinet by 5.1% in the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after purchasing an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after purchasing an additional 153,119 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Fortinet in the fourth quarter worth approximately $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.