Citigroup Lowers Fortinet (NASDAQ:FTNT) Price Target to $65.00

Fortinet (NASDAQ:FTNT) had its target price lowered by Citigroup from $68.00 to $65.00 in a report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Several other equities analysts also recently commented on FTNT. Royal Bank of Canada lowered their price target on Fortinet from $71.00 to $68.00 and set a sector perform rating on the stock in a report on Friday, May 3rd. Scotiabank lowered their price objective on shares of Fortinet from $90.00 to $80.00 and set a sector outperform rating on the stock in a research note on Friday, May 3rd. Susquehanna lowered their price objective on shares of Fortinet from $80.00 to $65.00 and set a neutral rating on the stock in a research note on Monday, May 6th. StockNews.com upgraded shares of Fortinet from a hold rating to a buy rating in a research note on Sunday, June 30th. Finally, Mizuho reduced their target price on Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of Hold and an average price target of $70.00.

Fortinet Stock Down 1.4 %

Shares of FTNT stock opened at $57.20 on Tuesday. Fortinet has a 12 month low of $44.12 and a 12 month high of $77.24. The business’s 50 day moving average is $59.25 and its two-hundred day moving average is $63.70. The company has a market cap of $43.70 billion, a PE ratio of 37.39, a price-to-earnings-growth ratio of 2.83 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating 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 company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities analysts expect that Fortinet will post 1.47 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the acquisition, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold 67,203 shares of company stock worth $4,015,048 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors have recently modified their holdings of the stock. Simplicity Wealth LLC lifted its position in shares of Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after buying an additional 180 shares during the last quarter. Werlinich Asset Management LLC lifted its position in shares of Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after buying an additional 180 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its position in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after buying an additional 185 shares during the last quarter. Finally, Buckhead Capital Management LLC lifted 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 worth $1,764,000 after buying an additional 187 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

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.