Fortinet (NASDAQ:FTNT) PT Lowered to $65.00 at Susquehanna

Fortinet (NASDAQ:FTNT) had its target price decreased by Susquehanna from $80.00 to $65.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Susquehanna’s price target would indicate a potential upside of 10.39% from the company’s current price.

A number of other analysts have also weighed in on FTNT. UBS Group upped their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Wells Fargo & Company reduced their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a report on Friday. 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 report on Friday. Evercore ISI reduced their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday. Finally, Jefferies Financial Group dropped their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $70.37.

Fortinet Trading Down 9.7 %

NASDAQ:FTNT opened at $58.88 on Monday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The firm has a 50-day moving average of $67.53 and a 200-day moving average of $61.95. The company has a market cap of $44.94 billion, a PE ratio of 38.48, a PEG ratio of 2.60 and a beta of 1.08. Fortinet has a one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 earnings per share. As a group, equities research analysts expect that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 in the last quarter. 17.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its stake in shares of Fortinet by 220.2% during the first quarter. Geneos Wealth Management Inc. now owns 34,378 shares of the software maker’s stock worth $2,348,000 after purchasing an additional 23,643 shares during the last quarter. Valley Wealth Managers Inc. raised its stake in shares of Fortinet by 18.5% during the first quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock worth $382,000 after purchasing an additional 871 shares during the last quarter. Signaturefd LLC raised its stake in shares of Fortinet by 42.0% during the first quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after purchasing an additional 4,461 shares during the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Fortinet during the first quarter worth approximately $14,847,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Fortinet during the first quarter worth approximately $569,000. 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.