Mizuho Cuts Fortinet (NASDAQ:FTNT) Price Target to $66.00

Fortinet (NASDAQ:FTNT) had its target price cut by Mizuho from $70.00 to $66.00 in a research note released on Friday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other equities analysts have also recently issued reports on the company. Jefferies Financial Group lowered their price objective on Fortinet from $75.00 to $70.00 and set a hold rating on the stock in a research report on Thursday, April 18th. DZ Bank cut Fortinet from a hold rating to a sell rating and set a $60.00 price objective on the stock. in a research report on Thursday, February 8th. Citigroup cut Fortinet from a buy rating to a neutral rating and upped their price objective for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Cantor Fitzgerald reissued a neutral rating and set a $65.00 price target on shares of Fortinet in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group increased their price target on Fortinet from $60.00 to $85.00 and gave the company a buy rating in a report on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Stock Performance

Shares of FTNT 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. The business’s 50 day moving average price is $67.34 and its 200-day moving average price is $61.96. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The stock has a market cap of $44.89 billion, a P/E ratio of 38.44, a P/E/G ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. Equities research analysts anticipate that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the 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 of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 completion of the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the 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 directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 in the last 90 days. Insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Rise Advisors LLC lifted its holdings in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the last quarter. Vima LLC bought a new stake in Fortinet in the fourth quarter worth about $25,000. Atwood & Palmer Inc. bought a new stake in Fortinet in the fourth quarter worth about $29,000. Headinvest LLC bought a new stake in Fortinet in the third quarter worth about $29,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet in the fourth quarter worth about $32,000. Institutional investors 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.