Fortinet (NASDAQ:FTNT) Downgraded by StockNews.com

StockNews.com lowered shares of Fortinet (NASDAQ:FTNTFree Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of Fortinet from $67.00 to $63.00 and set a neutral rating for the company in a report on Friday, May 3rd. Barclays lowered their price target on shares of Fortinet from $80.00 to $75.00 and set an equal weight rating on the stock in a report on Friday, May 3rd. BMO Capital Markets lowered their target price on Fortinet from $82.00 to $70.00 and set a market perform rating on the stock in a research note on Friday, May 3rd. Cantor Fitzgerald cut their price target on Fortinet from $65.00 to $55.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Finally, Susquehanna cut their target price on shares of Fortinet from $80.00 to $65.00 and set a neutral rating for the company in a research report on Monday, May 6th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $70.10.

Read Our Latest Stock Analysis on Fortinet

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $60.23 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The stock has a market cap of $46.01 billion, a PE ratio of 39.37, a price-to-earnings-growth ratio of 2.94 and a beta of 0.98. The stock’s fifty day simple moving average is $62.36 and its two-hundred day simple moving average is $63.17. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last announced 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 firm 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 company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 EPS. As a group, analysts forecast that Fortinet will post 1.46 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now 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. Over the last 90 days, insiders have sold 91,638 shares of company stock valued at $5,705,568. 18.00% of the stock is owned by company insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Deutsche Bank AG increased its holdings in shares of Fortinet by 1.6% in the third quarter. Deutsche Bank AG now owns 1,921,857 shares of the software maker’s stock worth $112,775,000 after purchasing an additional 30,129 shares during the last quarter. Valley Wealth Managers Inc. increased its stake in Fortinet by 5.8% in the 3rd quarter. Valley Wealth Managers Inc. now owns 4,403 shares of the software maker’s stock worth $258,000 after acquiring an additional 241 shares during the last quarter. Cornerstone Advisors LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $663,000. Montag A & Associates Inc. boosted its position in shares of Fortinet by 64.9% during the 3rd quarter. Montag A & Associates Inc. now owns 3,040 shares of the software maker’s stock valued at $178,000 after acquiring an additional 1,197 shares during the last quarter. Finally, Fiera Capital Corp grew its holdings in shares of Fortinet by 1.4% in the third quarter. Fiera Capital Corp now owns 572,027 shares of the software maker’s stock valued at $33,567,000 after purchasing an additional 7,731 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

About Fortinet

(Get Free Report)

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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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