Fortinet (NASDAQ:FTNT) Earns Neutral Rating from Piper Sandler

Fortinet (NASDAQ:FTNTGet Free Report)‘s stock had its “neutral” rating restated by investment analysts at Piper Sandler in a research report issued on Wednesday, Benzinga reports. They currently have a $75.00 target price on the software maker’s stock. Piper Sandler’s target price would indicate a potential upside of 4.62% from the company’s current price.

FTNT has been the topic of several other reports. BMO Capital Markets raised their price objective on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Wednesday. Wells Fargo & Company lifted their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. lifted their price target on Fortinet from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Finally, DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a research report on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $72.35.

Check Out Our Latest Research Report on Fortinet

Fortinet Stock Up 4.1 %

Shares of Fortinet stock traded up $2.84 on Wednesday, reaching $71.69. 3,436,254 shares of the company were exchanged, compared to its average volume of 6,117,106. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a market capitalization of $54.70 billion, a price-to-earnings ratio of 49.43, a PEG ratio of 3.01 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a 50-day moving average of $68.46 and a 200 day moving average of $60.83.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 EPS. On average, equities research analysts forecast that Fortinet will post 1.39 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,733 shares of the stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 154,880 shares of company stock worth $10,233,981 in the last 90 days. Insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. boosted its holdings in Fortinet by 2.1% in the 2nd quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock worth $2,181,456,000 after buying an additional 595,952 shares during the last quarter. State Street Corp boosted its holdings in Fortinet by 2.5% in the 2nd quarter. State Street Corp now owns 26,042,793 shares of the software maker’s stock worth $1,968,575,000 after buying an additional 647,200 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Fortinet by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock worth $1,007,182,000 after buying an additional 147,048 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its holdings in Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after buying an additional 14,586,086 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

About Fortinet

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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