Fortinet (NASDAQ:FTNT) Price Target Cut to $62.00

Fortinet (NASDAQ:FTNT) had its price objective reduced by research analysts at Wells Fargo & Company from $70.00 to $62.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.30% from the company’s current price.

A number of other research analysts have also commented on FTNT. Piper Sandler cut their price objective on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday. Truist Financial lowered their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday. JPMorgan Chase & Co. lowered their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $70.68.

Fortinet Stock Down 9.7 %

FTNT traded down $6.32 during midday trading on Friday, hitting $58.88. 15,894,899 shares of the company’s stock traded hands, compared to its average volume of 5,879,701. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company has a market cap of $44.94 billion, a PE ratio of 40.61, a price-to-earnings-growth ratio of 2.82 and a beta of 1.08. Fortinet has a one year low of $44.12 and a one year high of $81.24. The stock’s fifty day simple moving average is $67.71 and its 200-day simple moving average is $61.90.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. As a group, equities analysts anticipate that Fortinet will post 1.39 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. 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 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 in the last quarter. Company insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP bought a new stake in shares of Fortinet in the first quarter worth $569,000. Central Pacific Bank Trust Division bought a new stake in Fortinet during the 1st quarter worth about $190,000. Chase Investment Counsel Corp boosted its stake in shares of Fortinet by 124.4% during the 1st quarter. Chase Investment Counsel Corp now owns 22,137 shares of the software maker’s stock worth $1,512,000 after buying an additional 12,270 shares during the last quarter. FORA Capital LLC bought a new position in shares of Fortinet in the 1st quarter valued at about $314,000. Finally, Graypoint LLC acquired a new stake in shares of Fortinet in the first quarter valued at about $208,000. Institutional investors own 83.71% of the company’s stock.

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.