Fortinet’s (FTNT) “Neutral” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a research note issued to investors on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a $65.00 price target on the software maker’s stock.

Other equities research analysts have also issued research reports about the stock. Daiwa Capital Markets upgraded shares of Fortinet from a neutral rating to an outperform rating and set a $75.00 price objective for the company in a research note on Tuesday, February 13th. StockNews.com upgraded Fortinet from a hold rating to a buy rating in a report on Wednesday, April 10th. Truist Financial upped their price objective on Fortinet from $60.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Morgan Stanley lifted their target price on Fortinet from $77.00 to $81.00 and gave the stock an overweight rating in a research note on Wednesday, February 7th. Finally, Wedbush increased their price target on shares of Fortinet from $75.00 to $86.00 and gave the company an outperform rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of Hold and a consensus target price of $72.19.

Fortinet Trading Down 1.0 %

Shares of Fortinet stock opened at $63.40 on Wednesday. The company has a market capitalization of $48.38 billion, a P/E ratio of 43.72, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. The stock has a fifty day simple moving average of $68.50 and a 200 day simple moving average of $61.55. Fortinet has a 12-month low of $44.12 and a 12-month 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 posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS. On average, sell-side analysts anticipate that Fortinet will post 1.39 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 23,992 shares of the 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 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 Securities & Exchange Commission, which is available at this link. In related news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were 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 $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vima LLC bought a new stake in Fortinet during the fourth quarter worth about $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Headinvest LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter worth approximately $29,000. Finally, Retirement Group LLC bought a new position in Fortinet during the fourth quarter valued at approximately $30,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.