Fortinet (NASDAQ:FTNT) Upgraded to “Buy” at TD Cowen

TD Cowen upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a buy rating in a research note published on Thursday morning, Marketbeat reports. They currently have $75.00 price target on the software maker’s stock.

FTNT has been the topic of a number of other reports. Rosenblatt Securities restated a buy rating and set a $85.00 price target on shares of Fortinet in a research report on Tuesday, June 11th. Wedbush restated an outperform rating and issued a $78.00 target price on shares of Fortinet in a research note on Wednesday, May 22nd. Mizuho reduced their price target on shares of Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC restated a hold rating on shares of Fortinet in a research report on Tuesday, June 11th. Finally, Scotiabank reduced their target price on shares of Fortinet from $90.00 to $80.00 and set a sector outperform rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $69.90.

Fortinet Stock Up 0.6 %

FTNT stock opened at $58.48 on Thursday. The company has a market cap of $44.68 billion, a PE ratio of 38.22, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. Fortinet has a twelve month low of $44.12 and a twelve month high of $79.37. The business’s 50-day simple moving average is $59.89 and its 200 day simple moving average is $63.94.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 earnings per share. On average, equities research analysts anticipate that Fortinet will post 1.47 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold 91,913 shares of company stock worth $5,608,349 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Winthrop Capital Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the last quarter. Vima LLC bought a new position in Fortinet in the fourth quarter valued at $25,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the 4th quarter valued at $29,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the 2nd quarter valued at $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

About Fortinet

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.