Susquehanna Cuts Fortinet (NASDAQ:FTNT) Price Target to $65.00

Fortinet (NASDAQ:FTNT) had its price objective reduced by Susquehanna from $80.00 to $65.00 in a research note issued to investors on Monday, Benzinga reports. Susquehanna currently has a neutral rating on the software maker’s stock.

A number of other research analysts also recently issued reports on the stock. Sanford C. Bernstein began coverage on shares of Fortinet in a research report on Thursday, January 18th. They issued a market perform rating and a $65.00 price target on the stock. Citigroup lowered Fortinet from a buy rating to a neutral rating and upped their target price for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Wells Fargo & Company lowered their target price on Fortinet from $70.00 to $62.00 and set an equal weight rating for the company in a report on Friday, May 3rd. Evercore ISI cut their price target on Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a report on Friday, May 3rd. Finally, Truist Financial lowered their price objective on shares of Fortinet from $80.00 to $70.00 and set a buy rating for the company in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $70.37.

Fortinet Price Performance

FTNT stock opened at $59.63 on Monday. 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 company has a market capitalization of $45.52 billion, a P/E ratio of 38.97, a PEG ratio of 2.60 and a beta of 1.08. The company has a fifty day moving average price of $66.93 and a 200-day moving average price of $61.97.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period 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, equities analysts expect that Fortinet will post 1.4 EPS for the current year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’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 directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction on 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 sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 over the last three months. Corporate insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its stake in Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares in the last quarter. Buckhead Capital Management LLC raised its position in shares of Fortinet by 0.6% during the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after buying an additional 187 shares in the last quarter. STF Management LP lifted its holdings in shares of Fortinet by 1.5% during the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after acquiring an additional 187 shares during the last quarter. First Trust Direct Indexing L.P. grew its position in Fortinet by 1.6% in the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after acquiring an additional 197 shares in the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake in Fortinet by 1.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after acquiring an additional 200 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.