Fortinet (NASDAQ:FTNT) Given New $80.00 Price Target at UBS Group

Fortinet (NASDAQ:FTNT) had its price objective lowered by UBS Group from $90.00 to $80.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of a number of other reports. TD Cowen cut their price target on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Friday, August 8th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Finally, Wells Fargo & Company reduced their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.57.

Fortinet Stock Up 1.6%

Fortinet stock traded up $1.25 during trading hours on Thursday, hitting $81.79. The company had a trading volume of 7,147,823 shares, compared to its average volume of 5,602,864. Fortinet has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a market capitalization of $62.67 billion, a P/E ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The firm’s fifty day moving average is $83.10 and its 200-day moving average is $93.19.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the company posted $0.63 EPS. Fortinet’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, research analysts forecast that Fortinet will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Fortinet during the second quarter valued at about $1,640,900,000. Vanguard Group Inc. lifted its position in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. AQR Capital Management LLC grew its holdings in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. Nuveen LLC bought a new stake in shares of Fortinet during the first quarter valued at approximately $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.