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

Fortinet (NASDAQ:FTNTGet Rating) had its price target lowered by analysts at UBS Group from $68.00 to $65.00 in a report issued on Thursday, MarketBeat.com reports. The brokerage currently has a “neutral” rating on the software maker’s stock. UBS Group’s target price would indicate a potential upside of 21.75% from the stock’s current price.

Several other brokerages have also recently issued reports on FTNT. KeyCorp dropped their target price on shares of Fortinet from $82.00 to $70.60 in a report on Wednesday, May 11th. Citigroup dropped their price target on shares of Fortinet from $81.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, July 22nd. Barclays dropped their price target on shares of Fortinet to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 28th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Oppenheimer lowered their target price on shares of Fortinet to $80.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 28th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $72.01.

Fortinet Stock Performance

NASDAQ FTNT opened at $53.39 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.12 and a debt-to-equity ratio of 4.24. The company has a 50-day simple moving average of $62.78 and a two-hundred day simple moving average of $61.86. The firm has a market cap of $42.85 billion, a price-to-earnings ratio of 65.91, a PEG ratio of 3.82 and a beta of 1.14. Fortinet has a 12-month low of $48.73 and a 12-month high of $74.35.

Fortinet (NASDAQ:FTNTGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The software maker reported $0.17 EPS for the quarter, topping the consensus estimate of $0.10 by $0.07. The business had revenue of $954.80 million during the quarter, compared to analyst estimates of $886.45 million. Fortinet had a net margin of 17.66% and a return on equity of 128.66%. Fortinet’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period last year, the business posted $0.11 earnings per share. On average, equities analysts forecast that Fortinet will post 0.76 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 1,653 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $248.85, for a total transaction of $411,349.05. Following the transaction, the vice president now owns 5,954,424 shares in the company, valued at approximately $1,481,758,412.40. The sale 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 7,888 shares of the stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $284.10, for a total transaction of $2,240,980.80. Following the sale, the chief financial officer now directly owns 883 shares of the company’s stock, valued at $250,860.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 1,653 shares of the stock in a transaction on Monday, May 9th. The shares were sold at an average price of $248.85, for a total transaction of $411,349.05. Following the transaction, the vice president now directly owns 5,954,424 shares in the company, valued at $1,481,758,412.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,132 shares of company stock worth $3,528,902. 18.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new position in Fortinet during the fourth quarter valued at $25,000. GW&K Investment Management LLC purchased a new position in shares of Fortinet in the first quarter worth about $25,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the first quarter worth about $26,000. Riverview Trust Co purchased a new position in shares of Fortinet in the first quarter worth about $33,000. Finally, Capital Advisors Ltd. LLC purchased a new position in shares of Fortinet in the fourth quarter worth about $37,000. 67.47% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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 wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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