Fortinet (NASDAQ:FTNT) Given Buy Rating at Rosenblatt Securities

Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a report released on Friday, Benzinga reports. They currently have a $85.00 price target on the software maker’s stock. Rosenblatt Securities’ price target points to a potential upside of 42.33% from the company’s previous close.

A number of other brokerages have also commented on FTNT. Sanford C. Bernstein assumed coverage on Fortinet in a research report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 target price for the company. Royal Bank of Canada raised their price target on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. The Goldman Sachs Group raised their target price on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Truist Financial increased their price objective on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $65.00 target price on shares of Fortinet in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $71.35.

Fortinet Stock Performance

Shares of FTNT traded down $5.48 during mid-day trading on Friday, hitting $59.72. 7,809,830 shares of the company’s stock were exchanged, compared to its average volume of 5,780,687. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The stock’s 50-day simple moving average is $67.71 and its 200-day simple moving average is $61.90. The firm has a market cap of $45.59 billion, a price-to-earnings ratio of 41.52, a price-to-earnings-growth ratio of 2.82 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued 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 the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 EPS. On average, equities research analysts expect that Fortinet will post 1.39 EPS for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, 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 value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction 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 $3,471,825,357. The disclosure for this sale can be found here. Over the last 90 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

Several institutional investors and hedge funds have recently made changes to their positions in FTNT. Nordea Investment Management AB increased its position in Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares during the period. Norges Bank acquired a new stake in Fortinet in the fourth quarter valued at $203,501,000. Sarasin & Partners LLP bought a new position in Fortinet during the 1st quarter worth $120,746,000. DSM Capital Partners LLC acquired a new position in Fortinet during the 3rd quarter worth about $75,698,000. Finally, Public Sector Pension Investment Board grew its position in shares of Fortinet by 358.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after buying an additional 1,285,197 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.