Fortinet (NASDAQ:FTNT) PT Lowered to $63.00 at JPMorgan Chase & Co.

Fortinet (NASDAQ:FTNT) had its price objective cut by JPMorgan Chase & Co. from $67.00 to $63.00 in a research note published on Friday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other research firms have also recently commented on FTNT. StockNews.com cut Fortinet from a buy rating to a hold rating in a research report on Thursday, April 18th. Scotiabank cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a sector outperform rating on the stock in a research note on Friday. 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 report on Thursday, February 8th. HSBC lowered shares of Fortinet from a hold rating to a reduce rating and set a $57.00 price target for the company. in a research note on Wednesday, February 7th. Finally, Citigroup lowered shares of Fortinet from a buy rating to a neutral rating and raised their price objective for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of Hold and an average target price of $70.37.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $58.81 on Friday. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $44.89 billion, a PE ratio of 38.44, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The business’s fifty day moving average price is $67.34 and its two-hundred day moving average price is $61.96.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm posted $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts expect that Fortinet will post 1.4 EPS for the current year.

Insider Activity

In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction 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 sale, 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. Insiders have sold 118,480 shares of company stock worth $8,021,556 in the last 90 days. Company insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its position in Fortinet by 7.0% during the third quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock valued at $7,577,000 after acquiring an additional 8,402 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Fortinet by 26.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock valued at $335,000 after purchasing an additional 1,201 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Fortinet by 5.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock worth $7,220,000 after purchasing an additional 6,815 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its holdings in Fortinet by 1.3% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 321,490 shares of the software maker’s stock valued at $18,865,000 after buying an additional 4,000 shares in the last quarter. Finally, Forsta AP Fonden lifted its position in shares of Fortinet by 3.7% in the third quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock worth $7,898,000 after buying an additional 4,800 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other 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.