Fortinet (NASDAQ:FTNT) PT Lowered to $66.00

Fortinet (NASDAQ:FTNT) had its price objective lowered by Mizuho from $70.00 to $66.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

A number of other equities analysts have also commented on FTNT. Sanford C. Bernstein started coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a market perform rating and a $65.00 target price on the stock. Wedbush reaffirmed an outperform rating and set a $86.00 target price on shares of Fortinet in a research report on Wednesday, May 1st. StockNews.com lowered shares of Fortinet from a buy rating to a hold rating in a research report on Thursday, April 18th. Scotiabank raised their target price on shares of Fortinet from $70.00 to $90.00 and gave the stock a sector outperform rating in a research report on Wednesday, February 7th. Finally, Citigroup downgraded shares of Fortinet from a buy rating to a neutral rating and increased their price objective for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of Hold and an average target price of $70.37.

Fortinet Stock Down 9.7 %

FTNT opened at $58.88 on Friday. The firm has a 50-day simple moving average of $67.53 and a two-hundred day simple moving average of $61.95. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market capitalization of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the company earned $0.29 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. Analysts forecast that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The stock was 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 of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, 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. In the last 90 days, insiders have sold 118,480 shares of company stock valued at $8,021,556. Corporate insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FTNT. Commonwealth Equity Services LLC grew its stake in shares of Fortinet by 7.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock valued at $7,577,000 after purchasing an additional 8,402 shares during the last quarter. Pinnacle Associates Ltd. grew its stake in shares of Fortinet by 26.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock valued at $335,000 after purchasing an additional 1,201 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Fortinet by 5.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock valued at $7,220,000 after purchasing an additional 6,815 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in shares of Fortinet by 1.3% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 321,490 shares of the software maker’s stock valued at $18,865,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Forsta AP Fonden grew its stake in shares of Fortinet by 3.7% in the 3rd quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock valued at $7,898,000 after purchasing an additional 4,800 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.