Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) PT at $72.35

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received an average recommendation of “Hold” from the thirty-three ratings firms that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $72.19.

FTNT has been the topic of a number of analyst reports. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday. Morgan Stanley raised their price objective on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Piper Sandler reaffirmed a “neutral” rating and set a $75.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Susquehanna reaffirmed a “neutral” rating and set a $80.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd.

Fortinet Stock Performance

Shares of Fortinet stock opened at $64.03 on Friday. The firm has a market capitalization of $48.86 billion, a P/E ratio of 44.16, a PEG ratio of 2.86 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The company has a 50 day moving average price of $68.64 and a 200 day moving average price of $61.52. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company earned $0.38 EPS. Sell-side analysts expect that Fortinet will post 1.39 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 over the last 90 days. 17.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Eagle Capital Management LLC acquired a new stake in Fortinet in the first quarter valued at $1,714,000. Oak Thistle LLC acquired a new stake in shares of Fortinet during the first quarter valued at $466,000. Aviance Capital Partners LLC acquired a new stake in shares of Fortinet during the first quarter valued at $205,000. Financial Partners Group LLC acquired a new stake in shares of Fortinet during the first quarter valued at $1,182,000. Finally, Trilogy Capital Inc. acquired a new stake in shares of Fortinet during the first quarter valued at $415,000. Institutional investors and hedge funds 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.