Fortinet (NASDAQ:FTNT) Stock Rating Reaffirmed by Needham & Company LLC

Fortinet (NASDAQ:FTNTGet Free Report)‘s stock had its “hold” rating reiterated by Needham & Company LLC in a report issued on Tuesday, Benzinga reports.

A number of other equities analysts have also weighed in on the company. Robert W. Baird reduced their price objective on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Tuesday, February 13th. Scotiabank cut their target price on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Morgan Stanley reduced their price target on Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $70.10.

Read Our Latest Stock Report on Fortinet

Fortinet Trading Up 0.6 %

Shares of NASDAQ FTNT opened at $60.09 on Tuesday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The business’s 50 day moving average price is $62.91 and its 200-day moving average price is $63.10. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a market cap of $45.91 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion during 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 quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. On average, sell-side analysts expect that Fortinet will post 1.46 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,710 shares of the business’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 sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,710 shares of the company’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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,403 shares of company stock valued at $4,262,858. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vima LLC acquired a new position in Fortinet during the fourth quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet in the first quarter worth $25,000. Rise Advisors LLC boosted its stake in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC purchased a new position in shares of Fortinet in the third quarter valued at $29,000. Finally, Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

About Fortinet

(Get Free Report)

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.

See Also

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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