Fortinet (NASDAQ:FTNT) Downgraded by StockNews.com

Fortinet (NASDAQ:FTNT) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Other research analysts have also issued research reports about the company. Citigroup cut their price objective on Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. cut their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Mizuho decreased their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial cut their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $70.00.

Fortinet Stock Up 0.2 %

NASDAQ FTNT traded up $0.11 during trading hours on Tuesday, reaching $57.50. The company’s stock had a trading volume of 4,108,273 shares, compared to its average volume of 5,744,231. Fortinet has a 1 year low of $44.12 and a 1 year high of $78.58. The company has a market capitalization of $43.93 billion, a price-to-earnings ratio of 37.58, a PEG ratio of 2.78 and a beta of 0.98. The firm’s 50-day moving average price is $59.40 and its 200-day moving average price is $63.79.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate 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 net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 earnings per share. Equities research analysts anticipate that Fortinet will post 1.47 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 91,913 shares of company stock valued at $5,608,349. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently made changes to their positions in FTNT. Vima LLC purchased a new stake in Fortinet during the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet in the 1st quarter worth $25,000. Rise Advisors LLC boosted 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 worth $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in Fortinet during the 4th quarter worth $32,000. Finally, Oakworth Capital Inc. acquired a new position in Fortinet during the 2nd quarter valued at about $33,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.