Fortinet (NASDAQ:FTNT) Receives Underweight Rating from JPMorgan Chase & Co.

Fortinet (NASDAQ:FTNT)‘s stock had its “underweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $75.00 price objective on the software maker’s stock, down from their prior price objective of $85.00. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 9.06% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen lowered their target price on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, November 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target on shares of Fortinet in a research note on Thursday, November 6th. Royal Bank Of Canada dropped their price objective on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research note on Thursday, November 6th. Piper Sandler cut their price objective on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, Jefferies Financial Group lowered their target price on Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $90.00.

Fortinet Price Performance

NASDAQ:FTNT opened at $82.47 on Wednesday. The stock has a 50 day moving average of $83.10 and a two-hundred day moving average of $88.96. Fortinet has a 12 month low of $70.12 and a 12 month high of $114.82. The firm has a market cap of $61.33 billion, a P/E ratio of 33.94, a price-to-earnings-growth ratio of 3.04 and a beta of 1.10. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the company posted $0.63 earnings per share. The business’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 and its Q4 2025 guidance at 0.730-0.750 EPS. On average, analysts expect that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on 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 sale, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Saudi Central Bank purchased a new position in shares of Fortinet during the 1st quarter worth $25,000. LSV Asset Management acquired a new position in Fortinet in the second quarter valued at about $25,000. Financial Consulate Inc. purchased a new position in Fortinet during the third quarter worth about $25,000. Steigerwald Gordon & Koch Inc. purchased a new position in Fortinet during the third quarter worth about $25,000. Finally, Pinnacle Holdings LLC acquired a new stake in shares of Fortinet during the third quarter valued at about $25,000. Hedge funds and other 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.