Fortinet (FTNT) Lowered to “Neutral” at Bank of America

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Fortinet (NASDAQ:FTNT) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, September 20th, Marketbeat reports. They presently have a $95.00 price objective on the software maker’s stock, up from their prior price objective of $77.00. Bank of America’s price target would indicate a potential upside of 18.82% from the stock’s current price.

Several other research firms also recently issued reports on FTNT. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. JPMorgan Chase & Co. boosted their price objective on Fortinet to $76.00 and gave the company a “neutral” rating in a report on Thursday, August 2nd. Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 19th. They noted that the move was a valuation call. Susquehanna Bancshares boosted their target price on Fortinet from $61.00 to $68.00 and gave the stock a “neutral” rating in a research note on Thursday, August 2nd. Finally, BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $71.29.

Fortinet stock traded up $2.83 during trading on Thursday, reaching $79.95. 3,378,634 shares of the company were exchanged, compared to its average volume of 1,829,751. Fortinet has a 52-week low of $37.15 and a 52-week high of $94.37. The company has a market cap of $15.61 billion, a price-to-earnings ratio of 153.75, a PEG ratio of 5.71 and a beta of 0.63.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm had revenue of $441.30 million for the quarter, compared to the consensus estimate of $425.66 million. During the same quarter last year, the business posted $0.27 earnings per share. The firm’s revenue was up 21.4% compared to the same quarter last year. Equities analysts predict that Fortinet will post 0.96 EPS for the current fiscal year.

In other news, CFO Keith Jensen sold 2,150 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total value of $156,885.50. Following the completion of the sale, the chief financial officer now directly owns 585 shares of the company’s stock, valued at approximately $42,687.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the business’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total value of $77,787.50. Following the completion of the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $579,299.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 180,570 shares of company stock valued at $13,358,587. Insiders own 17.70% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Dorsey Wright & Associates purchased a new stake in Fortinet during the 3rd quarter valued at approximately $2,468,000. DNB Asset Management AS raised its stake in Fortinet by 14.3% during the 3rd quarter. DNB Asset Management AS now owns 18,400 shares of the software maker’s stock valued at $1,698,000 after acquiring an additional 2,300 shares during the last quarter. Kovack Advisors Inc. purchased a new stake in Fortinet during the 3rd quarter valued at approximately $403,000. Radnor Capital Management LLC raised its stake in Fortinet by 7.7% during the 3rd quarter. Radnor Capital Management LLC now owns 8,400 shares of the software maker’s stock valued at $775,000 after acquiring an additional 600 shares during the last quarter. Finally, United Services Automobile Association raised its stake in Fortinet by 179.2% during the 2nd quarter. United Services Automobile Association now owns 69,536 shares of the software maker’s stock valued at $4,341,000 after acquiring an additional 44,630 shares during the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.

About Fortinet

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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