Fortinet (NASDAQ:FTNT) Stock Rating Reaffirmed by Rosenblatt Securities

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

A number of other analysts have also commented on FTNT. Sanford C. Bernstein began coverage on shares of Fortinet in a report on Thursday, January 18th. They set a market perform rating and a $65.00 target price for the company. Citigroup cut shares of Fortinet from a buy rating to a neutral rating and lifted their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. DZ Bank cut shares of Fortinet from a hold rating to a sell rating and set a $60.00 price target on the stock. in a research report on Thursday, February 8th. Truist Financial lifted their price target on shares of Fortinet from $60.00 to $80.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Finally, Cantor Fitzgerald reissued a neutral rating and set a $65.00 price target on shares of Fortinet in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $70.37.

Fortinet Price Performance

FTNT opened at $58.81 on Friday. The company has a fifty day moving average price of $67.34 and a two-hundred day moving average price of $61.96. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. Fortinet has a 52 week low of $44.12 and a 52 week 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.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business earned $0.29 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, analysts anticipate that Fortinet will post 1.4 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated 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 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 can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. 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 ninety days. Insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Vima LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $25,000. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Headinvest LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet during the 4th quarter worth approximately $29,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.