Fortinet (NASDAQ:FTNT) PT Lowered to $55.00 at Cantor Fitzgerald

Fortinet (NASDAQ:FTNT) had its target price decreased by investment analysts at Cantor Fitzgerald from $65.00 to $55.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s target price indicates a potential downside of 6.59% from the stock’s previous close. Cantor Fitzgerald also issued estimates for Fortinet’s FY2024 earnings at $1.46 EPS.

A number of other brokerages have also recently issued reports on FTNT. Citigroup cut Fortinet from a “buy” rating to a “neutral” rating and upped their target price for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Susquehanna reaffirmed a “neutral” rating and set a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Royal Bank of Canada raised their target price on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Stifel Nicolaus boosted their target price on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Finally, BMO Capital Markets upped their price target on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.68.

Fortinet Stock Performance

Shares of FTNT opened at $58.88 on Friday. 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 12 month low of $44.12 and a 12 month high of $81.24. The company’s fifty day moving average is $67.53 and its 200-day moving average is $61.90. The firm has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its 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 net margin of 22.23% and a negative return on equity of 5,061.85%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the business posted $0.29 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts expect that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the business’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 sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,480 shares of company stock valued at $8,021,556. Corporate insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of large investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC increased its stake in shares of Fortinet by 7.0% in the third quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock valued at $7,577,000 after buying an additional 8,402 shares in the last quarter. Pinnacle Associates Ltd. increased its position in Fortinet by 26.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock valued at $335,000 after acquiring an additional 1,201 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Fortinet by 5.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock worth $7,220,000 after acquiring an additional 6,815 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in shares of Fortinet by 1.3% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 321,490 shares of the software maker’s stock worth $18,865,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Forsta AP Fonden grew its stake in shares of Fortinet by 3.7% during the third quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock valued at $7,898,000 after purchasing an additional 4,800 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

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.