Fortinet (NASDAQ:FTNT) Price Target Lowered to $75.00 at Barclays

Fortinet (NASDAQ:FTNT) had its price objective cut by Barclays from $80.00 to $75.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Susquehanna restated a neutral rating and issued a $80.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. UBS Group upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a report on Wednesday, January 10th. Scotiabank raised their target price on shares of Fortinet from $70.00 to $90.00 and gave the stock a sector outperform rating in a research note on Wednesday, February 7th. Robert W. Baird reduced their target price on shares of Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a report on Friday. Finally, BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a report 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Stock Performance

FTNT stock traded down $0.07 during trading hours on Friday, reaching $58.81. The stock had a trading volume of 14,428,140 shares, compared to its average volume of 5,977,987. The stock has a market capitalization of $44.89 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The stock has a 50-day simple moving average of $67.53 and a 200 day simple moving average of $61.95. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last issued 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. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. Analysts predict that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, 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 completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 in the last quarter. Insiders own 17.54% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Large investors have recently modified their holdings of the business. Vima LLC acquired a new stake in Fortinet in the fourth quarter valued at $25,000. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the last quarter. Headinvest LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet during the fourth quarter worth about $29,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the fourth quarter worth approximately $32,000. 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.