Rosenblatt Securities Reaffirms Buy Rating for Fortinet (NASDAQ:FTNT)

Rosenblatt Securities reiterated their buy rating on shares of Fortinet (NASDAQ:FTNT) in a research report report published on Friday morning, Benzinga reports. Rosenblatt Securities currently has a $85.00 price target on the software maker’s stock.

A number of other brokerages have also commented on FTNT. The Goldman Sachs Group increased their price objective on Fortinet from $60.00 to $85.00 and gave the company a buy rating in a research report on Thursday, February 8th. Cantor Fitzgerald reissued a neutral rating and issued a $65.00 target price on shares of Fortinet in a research note on Wednesday, April 17th. Royal Bank of Canada increased their target price on Fortinet from $60.00 to $71.00 and gave the stock a sector perform rating in a research note on Wednesday, February 7th. Wedbush reaffirmed an outperform rating and set a $86.00 price target on shares of Fortinet in a research note on Wednesday, May 1st. Finally, Capital One Financial downgraded 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 have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of Hold and a consensus target price of $70.37.

Fortinet Trading Down 9.7 %

Shares of NASDAQ:FTNT opened at $58.88 on Friday. The company has a market cap of $44.94 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. The stock’s 50-day moving average is $67.53 and its 200-day moving average is $61.95. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business 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 2,235.48% and a net margin of 22.23%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $0.29 earnings per share. Equities research analysts predict that Fortinet will post 1.4 earnings per share for the current year.

Insider Buying and Selling 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 transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated 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 approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of the company. Vima LLC bought a new position in Fortinet during the 4th quarter valued at about $25,000. Rise Advisors LLC lifted its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC bought a new position in shares of Fortinet in the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the 4th quarter worth approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter worth approximately $32,000. 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.