Fortinet (NASDAQ:FTNT) Given Neutral Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a report issued on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a $65.00 target price on the software maker’s stock.

A number of other research analysts also recently weighed in on FTNT. HSBC downgraded Fortinet from a hold rating to a reduce rating and set a $57.00 target price on the stock. in a report on Wednesday, February 7th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $60.00 to $85.00 and gave the stock a buy rating in a report on Thursday, February 8th. Wedbush upped their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an outperform rating in a report on Wednesday, February 7th. Citigroup downgraded shares of Fortinet from a buy rating to a neutral rating and increased their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Finally, Mizuho boosted their price objective on shares of Fortinet from $60.00 to $70.00 and gave the company a neutral rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $72.19.

Fortinet Stock Down 1.0 %

FTNT opened at $63.40 on Wednesday. The stock has a market capitalization of $48.38 billion, a price-to-earnings ratio of 43.72, a PEG ratio of 2.87 and a beta of 1.08. The firm has a 50 day moving average price of $68.50 and a 200-day moving average price of $61.55. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last announced its 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 during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. Equities research analysts forecast that Fortinet will post 1.39 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last 90 days. Insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Several hedge funds have recently made changes to their positions in the business. Kesler Norman & Wride LLC purchased a new position in Fortinet in the first quarter worth about $219,000. Marshall Financial Group LLC lifted its stake in shares of Fortinet by 4.5% in the 1st quarter. Marshall Financial Group LLC now owns 26,561 shares of the software maker’s stock valued at $1,814,000 after purchasing an additional 1,148 shares during the last quarter. First Trust Direct Indexing L.P. boosted its holdings in shares of Fortinet by 18.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 15,828 shares of the software maker’s stock worth $1,081,000 after purchasing an additional 2,482 shares during the period. DMC Group LLC increased its position in shares of Fortinet by 1.9% during the 1st quarter. DMC Group LLC now owns 14,504 shares of the software maker’s stock valued at $991,000 after purchasing an additional 272 shares during the last quarter. Finally, Norden Group LLC bought a new position in shares of Fortinet during the 1st quarter valued at approximately $2,277,000. 83.71% of the stock is currently owned by hedge funds and other 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.