Fortinet (NASDAQ:FTNT) PT Lowered to $54.00 at HSBC

Fortinet (NASDAQ:FTNT) had its price target decreased by investment analysts at HSBC from $57.00 to $54.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “reduce” rating on the software maker’s stock. HSBC’s price objective indicates a potential downside of 8.29% from the company’s previous close.

FTNT has been the subject of several other reports. BMO Capital Markets reduced their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday. Mizuho lowered their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday. Scotiabank lowered their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday. Robert W. Baird decreased their price objective on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a report on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $70.68.

Fortinet Trading Down 9.7 %

Shares of FTNT traded down $6.32 during trading hours on Friday, hitting $58.88. 15,894,899 shares of the stock traded hands, compared to its average volume of 5,879,701. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $44.94 billion, a PE ratio of 40.61, a price-to-earnings-growth ratio of 2.82 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The business has a fifty day moving average of $67.71 and a 200-day moving average of $61.90.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the company earned $0.29 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts expect that Fortinet will post 1.39 EPS for the current year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP bought a new position in shares of Fortinet in the 1st quarter valued at $569,000. Central Pacific Bank Trust Division acquired a new position in shares of Fortinet in the first quarter worth approximately $190,000. Chase Investment Counsel Corp boosted its holdings in Fortinet by 124.4% in the first quarter. Chase Investment Counsel Corp now owns 22,137 shares of the software maker’s stock valued at $1,512,000 after acquiring an additional 12,270 shares during the last quarter. FORA Capital LLC acquired a new stake in Fortinet during the 1st quarter valued at approximately $314,000. Finally, Graypoint LLC bought a new position in Fortinet during the 1st quarter worth approximately $208,000. 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.