Research Analysts’ Recent Ratings Changes for Fortinet (FTNT)

Posted by Maddie Sorensen on Oct 22nd, 2024

Fortinet (NASDAQ: FTNT) has recently received a number of price target changes and ratings updates:

10/17/2024 – Fortinet was downgraded by analysts at Mizuho from a “neutral” rating to an “underperform” rating. They now have a $68.00 price target on the stock.
10/17/2024 – Fortinet was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
10/9/2024 – Fortinet had its price target raised by analysts at TD Cowen from $75.00 to $90.00. They now have a “buy” rating on the stock.
10/7/2024 – Fortinet had its price target raised by analysts at Barclays PLC from $74.00 to $85.00. They now have an “equal weight” rating on the stock.
9/13/2024 – Fortinet had its price target raised by analysts at Citigroup Inc. from $66.00 to $76.00. They now have a “neutral” rating on the stock.
9/10/2024 – Fortinet was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
8/29/2024 – Fortinet was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.

Fortinet Stock Down 0.5 %

FTNT traded down $0.41 during midday trading on Tuesday, reaching $81.64. The company’s stock had a trading volume of 480,498 shares, compared to its average volume of 5,496,793. The stock’s 50-day moving average is $76.78 and its 200-day moving average is $66.61. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77. The firm has a market capitalization of $62.37 billion, a price-to-earnings ratio of 53.36, a PEG ratio of 2.84 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company posted $0.31 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock valued at $6,790,149 over the last quarter. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB purchased a new position in Fortinet during the 1st quarter valued at about $548,013,000. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. Van ECK Associates Corp increased its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the period. Finally, Sarasin & Partners LLP purchased a new position in shares of Fortinet in the first quarter valued at approximately $120,746,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.