Fortinet (NASDAQ:FTNT) Price Target Cut to $63.00

Fortinet (NASDAQ:FTNT) had its price target trimmed by JPMorgan Chase & Co. from $67.00 to $63.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada decreased their price objective on shares of Fortinet from $71.00 to $68.00 and set a sector perform rating for the company in a report on Friday. Robert W. Baird reduced their target price on Fortinet from $81.00 to $75.00 and set an outperform rating on the stock in a report on Friday. Morgan Stanley lowered their price target on Fortinet from $81.00 to $73.00 and set an overweight rating for the company in a report on Friday. Barclays cut their price objective on Fortinet from $80.00 to $75.00 and set an equal weight rating on the stock in a report on Friday. Finally, Cantor Fitzgerald dropped their target price on shares of Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a report on Friday. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $70.68.

Fortinet Trading Down 9.7 %

FTNT stock traded down $6.32 during midday trading on Friday, reaching $58.88. The company’s stock had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The business’s 50-day simple moving average is $67.53 and its 200-day simple moving average is $61.90. 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 52 week low of $44.12 and a 52 week high of $81.24. The stock has a market cap of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the company earned $0.29 EPS. The firm’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet will post 1.39 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related 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 transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by insiders.

Institutional Trading of Fortinet

Institutional investors have recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV raised its position in Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares in the last quarter. Buckhead Capital Management LLC boosted its stake in Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after buying an additional 187 shares in the last quarter. STF Management LP grew its position in Fortinet by 1.5% in the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after acquiring an additional 187 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in Fortinet by 1.6% during the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after acquiring an additional 197 shares in the last quarter. Finally, Johnson Investment Counsel Inc. lifted its holdings in shares of Fortinet by 1.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock worth $1,211,000 after acquiring an additional 200 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.