Fortinet (NASDAQ:FTNT) PT Lowered to $68.00

Fortinet (NASDAQ:FTNT) had its price objective reduced by Rosenblatt Securities from $85.00 to $68.00 in a research note published on Monday, Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. BMO Capital Markets decreased their target price on shares of Fortinet from $82.00 to $70.00 and set a market perform rating on the stock in a research note on Friday, May 3rd. Mizuho reduced their price objective on shares of Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Susquehanna reduced their price objective on shares of Fortinet from $80.00 to $65.00 and set a neutral rating on the stock in a research note on Monday, May 6th. JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $67.00 to $63.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Finally, TD Cowen upgraded shares of Fortinet from a hold rating to a buy rating and set a $75.00 price objective on the stock in a report on Thursday, July 18th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of Hold and a consensus target price of $69.39.

Fortinet Stock Up 0.8 %

Shares of NASDAQ FTNT traded up $0.42 during midday trading on Monday, reaching $55.81. 9,367,941 shares of the company were exchanged, compared to its average volume of 5,765,938. The stock’s 50-day moving average price is $59.04 and its 200-day moving average price is $63.65. The stock has a market cap of $42.64 billion, a P/E ratio of 36.70, a PEG ratio of 2.79 and a beta of 0.98. Fortinet has a one year low of $44.12 and a one year high of $73.91.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. On average, equities research analysts anticipate that Fortinet will post 1.47 EPS for the current year.

Insider Activity

In related news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock valued at $5,401,638 in the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Simplicity Wealth LLC raised its position in shares of Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares during the last quarter. Werlinich Asset Management LLC grew its holdings in shares of Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the last quarter. Mount Yale Investment Advisors LLC grew its holdings in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after purchasing an additional 185 shares during the last quarter. Finally, Buckhead Capital Management LLC grew its holdings in shares of Fortinet by 0.6% during the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after purchasing an additional 187 shares during the last quarter. Hedge funds and other 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.