Fortinet, Inc. (NASDAQ:FTNT) Receives $70.03 Consensus PT from Analysts

Fortinet, Inc. (NASDAQ:FTNT) has been given an average rating of “Hold” by the thirty-two brokerages that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $70.03.

Several research analysts have recently commented on the stock. Scotiabank dropped their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 3rd. Susquehanna dropped their price target on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. BMO Capital Markets dropped their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. HSBC dropped their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Finally, Robert W. Baird dropped their price target on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd.

Fortinet Stock Performance

Fortinet stock opened at $61.01 on Friday. The firm has a market cap of $46.61 billion, a PE ratio of 39.88, a P/E/G ratio of 2.95 and a beta of 0.98. The firm’s 50 day moving average price is $60.43 and its two-hundred day moving average price is $63.82. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 EPS. Equities analysts anticipate that Fortinet will post 1.46 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the firm’s 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 transaction, the vice president now directly 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 Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ken Xie sold 24,235 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders sold 91,638 shares of company stock valued at $5,705,568. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently made changes to their positions in the company. TFO Wealth Partners LLC increased its position in Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after acquiring an additional 18,167 shares in the last quarter. Cito Capital Group LLC acquired a new stake in Fortinet in the 3rd quarter valued at about $660,000. Vontobel Holding Ltd. increased its position in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after acquiring an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after acquiring an additional 38,751 shares in the last quarter. Finally, LGT Group Foundation increased its position in Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after acquiring an additional 94,475 shares in the last quarter. 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.