Fortinet (NASDAQ:FTNT) Given Outperform Rating at Wedbush

Wedbush reiterated their outperform rating on shares of Fortinet (NASDAQ:FTNT) in a report released on Wednesday, Benzinga reports. Wedbush currently has a $86.00 price target on the software maker’s stock.

Other equities analysts have also issued reports about the stock. UBS Group boosted their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. Capital One Financial cut Fortinet from an overweight rating to an equal weight rating in a research note on Wednesday, January 17th. Sanford C. Bernstein started coverage on Fortinet in a research note on Thursday, January 18th. They issued a market perform rating and a $65.00 price target on the stock. Citigroup lowered shares of Fortinet from a buy rating to a neutral rating and boosted their price objective for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Finally, HSBC lowered shares of Fortinet from a hold rating to a reduce rating and set a $57.00 target price for the company. in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $70.68.

Fortinet Stock Down 9.7 %

Fortinet stock opened at $58.88 on Wednesday. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. 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 stock has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08. The business has a fifty day moving average price of $67.53 and a 200-day moving average price of $61.90.

Fortinet (NASDAQ:FTNT) last posted its 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. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the business posted $0.29 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts forecast that Fortinet will post 1.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value 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 $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 in the last ninety days. Insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Vima LLC purchased a new position in shares of Fortinet in the 4th quarter valued at $25,000. Rise Advisors LLC boosted its position in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Headinvest LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet during the 4th quarter valued at about $29,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

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.