Fortinet (NASDAQ:FTNT) Raised to Hold at HSBC

HSBC upgraded shares of Fortinet (NASDAQ:FTNT) from a reduce rating to a hold rating in a research note released on Wednesday, Marketbeat Ratings reports. They currently have $59.00 price target on the software maker’s stock.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Fortinet from $67.00 to $63.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Robert W. Baird decreased their price objective on Fortinet from $81.00 to $75.00 and set an outperform rating on the stock in a report on Friday, May 3rd. Evercore ISI cut their target price on Fortinet from $72.00 to $67.00 and set an in-line rating for the company in a research note on Friday, May 3rd. Mizuho reduced their target price on Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Finally, StockNews.com cut Fortinet from a buy rating to a hold rating in a report on Tuesday, July 30th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $71.31.

Fortinet Trading Up 1.5 %

NASDAQ:FTNT traded up $1.01 during trading hours on Wednesday, hitting $69.69. 6,988,618 shares of the stock were exchanged, compared to its average volume of 5,926,143. The firm’s fifty day moving average price is $59.59 and its 200 day moving average price is $63.74. The company has a market cap of $53.24 billion, a P/E ratio of 45.55, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet has a 52-week low of $44.12 and a 52-week high of $73.91.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during 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 quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. Equities analysts expect that Fortinet will post 1.47 EPS for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 586 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the transaction, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last three months, insiders sold 91,915 shares of company stock valued at $5,401,638. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Stratos Wealth Advisors LLC purchased a new position in Fortinet during the 4th quarter valued at about $319,000. International Assets Investment Management LLC lifted its stake in Fortinet by 5,645.7% in the 4th quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker’s stock valued at $15,587,000 after buying an additional 261,677 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Fortinet by 99.2% in the 4th quarter. Sequoia Financial Advisors LLC now owns 12,064 shares of the software maker’s stock valued at $706,000 after buying an additional 6,008 shares in the last quarter. Executive Wealth Management LLC grew its holdings in Fortinet by 6.8% during the 4th quarter. Executive Wealth Management LLC now owns 59,144 shares of the software maker’s stock valued at $3,462,000 after buying an additional 3,774 shares during the last quarter. Finally, Leeward Financial Partners LLC purchased a new position in Fortinet during the fourth quarter worth $231,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.