Fortinet (NASDAQ:FTNT) Downgraded by Mizuho

Mizuho lowered shares of Fortinet (NASDAQ:FTNT) from a neutral rating to an underperform rating in a research report report published on Thursday morning, MarketBeat Ratings reports. Mizuho currently has $68.00 price objective on the software maker’s stock.

A number of other equities research analysts have also issued reports on FTNT. Barclays upped their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Scotiabank increased their price target on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $72.71.

Fortinet Stock Up 0.3 %

Shares of NASDAQ:FTNT opened at $81.07 on Thursday. Fortinet has a 1-year low of $44.12 and a 1-year high of $83.77. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market cap of $61.93 billion, a P/E ratio of 52.99, a P/E/G ratio of 2.84 and a beta of 1.00. The firm has a fifty day moving average price of $76.78 and a 200 day moving average price of $66.65.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the company earned $0.31 earnings per share. Sell-side analysts predict that Fortinet will post 1.74 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,250 shares of company stock valued at $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently modified their holdings of FTNT. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter worth $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Oakworth Capital Inc. bought a new stake in Fortinet during the second quarter valued at about $33,000. Versant Capital Management Inc boosted its holdings in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Finally, City State Bank boosted its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

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.