Fortinet (NASDAQ:FTNT) Price Target Lowered to $54.00 at HSBC

Fortinet (NASDAQ:FTNT) had its price objective lowered by HSBC from $57.00 to $54.00 in a research report report published on Friday, Benzinga reports. The firm currently has a reduce rating on the software maker’s stock.

A number of other research firms have also commented on FTNT. Barclays lowered their price target on shares of Fortinet from $80.00 to $75.00 and set an equal weight rating on the stock in a research report on Friday. Cantor Fitzgerald lowered their price target on shares of Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a research report on Friday. Sanford C. Bernstein started coverage on shares of Fortinet in a report on Thursday, January 18th. They issued a market perform rating and a $65.00 target price on the stock. Daiwa Capital Markets raised shares of Fortinet from a neutral rating to an outperform rating and set a $75.00 target price on the stock in a report on Tuesday, February 13th. Finally, Royal Bank of Canada decreased their target price on shares of Fortinet from $71.00 to $68.00 and set a sector perform rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of Hold and a consensus target price of $70.68.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $6.32 during mid-day trading on Friday, reaching $58.88. 15,896,615 shares of the company were exchanged, compared to its average volume of 4,338,557. The company’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. The stock has a market capitalization of $44.94 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.89 and a beta of 1.08. 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 results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. 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 firm earned $0.29 earnings per share. Fortinet’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, research analysts predict that Fortinet will post 1.39 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on 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 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 90 days, insiders have sold 118,480 shares of company stock worth $8,021,556. Company insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rise Advisors LLC increased its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC bought a new stake in Fortinet during the 4th quarter valued at $25,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter worth $29,000. Headinvest LLC bought a new stake in shares of Fortinet in the 3rd quarter worth $29,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth $32,000. Institutional investors 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.