Fortinet (NASDAQ:FTNT) Price Target Lowered to $100.00 at TD Cowen

Fortinet (NASDAQ:FTNT) had its price target decreased by TD Cowen from $105.00 to $100.00 in a research report report published on Thursday morning,Benzinga reports. TD Cowen currently has a hold rating on the software maker’s stock.

FTNT has been the subject of several other research reports. Robert W. Baird dropped their target price on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday. Piper Sandler lowered their price objective on Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Cowen downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $92.57.

Fortinet Stock Up 1.6%

FTNT traded up $1.25 on Thursday, reaching $81.79. The company’s stock had a trading volume of 7,147,823 shares, compared to its average volume of 5,602,864. Fortinet has a 1 year low of $70.12 and a 1 year high of $114.82. The business’s 50 day moving average is $83.16 and its 200 day moving average is $93.11. 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 stock has a market cap of $62.67 billion, a price-to-earnings ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company posted $0.63 EPS. Fortinet’s quarterly 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. As a group, research analysts forecast that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Fortinet by 4.0% in the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after purchasing an additional 2,894,355 shares during the period. State Street Corp raised its position in shares of Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after buying an additional 862,468 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after acquiring an additional 828,569 shares during the period. Norges Bank bought a new position in shares of Fortinet in the second quarter valued at approximately $1,640,900,000. Finally, Invesco Ltd. boosted its holdings in shares of Fortinet by 7.9% in the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock valued at $977,718,000 after acquiring an additional 677,654 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

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.