Fortinet (NASDAQ:FTNT) PT Lowered to $63.00

Fortinet (NASDAQ:FTNT) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $67.00 to $63.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 7.00% from the company’s current price.

FTNT has been the topic of a number of other reports. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Sanford C. Bernstein began coverage on Fortinet in a report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. The Goldman Sachs Group lifted their price objective on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. UBS Group upped their target price on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.68.

Fortinet Price Performance

NASDAQ:FTNT traded down $6.32 during trading hours on Friday, hitting $58.88. 15,896,615 shares of the stock were exchanged, compared to its average volume of 4,338,557. The company has a market cap of $44.94 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08. The firm’s fifty day moving average price is $67.53 and its 200 day moving average price is $61.92. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the business earned $0.29 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities research analysts anticipate that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the 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 transaction, 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 Securities & Exchange Commission, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet 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 of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB raised its stake in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Norges Bank purchased a new position in Fortinet during the 4th quarter worth $203,501,000. Sarasin & Partners LLP acquired a new stake in shares of Fortinet in the 1st quarter worth $120,746,000. DSM Capital Partners LLC purchased a new stake in shares of Fortinet in the third quarter valued at about $75,698,000. Finally, Public Sector Pension Investment Board increased its stake in shares of Fortinet by 358.1% during the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after acquiring an additional 1,285,197 shares during the period. 83.71% of the stock is currently 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.