Royal Bank Of Canada Lowers Fortinet (NASDAQ:FTNT) Price Target to $85.00

Fortinet (NASDAQ:FTNT) had its price objective cut by Royal Bank Of Canada from $95.00 to $85.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 3.92% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a research report on Thursday. Truist Financial reduced their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Barclays lowered their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Thursday. Wells Fargo & Company reduced their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Finally, UBS Group decreased their target price on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $92.48.

Fortinet Trading Up 1.6%

NASDAQ FTNT opened at $81.79 on Thursday. The firm has a market capitalization of $62.67 billion, a price-to-earnings ratio of 32.59, a PEG ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet has a one year low of $70.12 and a one year high of $114.82. The company’s 50 day moving average price is $83.16 and its 200 day moving average price is $93.11.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, sell-side analysts predict that Fortinet will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Fortinet during the second quarter valued at approximately $1,640,900,000. Vanguard Group Inc. boosted its stake in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the period. Nuveen LLC bought a new stake in shares of Fortinet in the 1st quarter worth $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares during the period. 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.