Fortinet (NASDAQ:FTNT) Downgraded by BidaskClub

BidaskClub cut shares of Fortinet (NASDAQ:FTNT) from a hold rating to a sell rating in a research note released on Wednesday, BidAskClub reports.

Several other brokerages have also recently weighed in on FTNT. Barclays reissued a hold rating and set a $99.00 price objective on shares of Fortinet in a report on Sunday, August 4th. Bank of America raised Fortinet from a neutral rating to a buy rating in a report on Friday, August 2nd. Evercore ISI reissued a hold rating and set a $80.00 price objective on shares of Fortinet in a report on Tuesday, May 7th. ValuEngine cut Fortinet from a buy rating to a hold rating in a report on Monday, July 29th. Finally, Robert W. Baird reissued a hold rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $87.96.

Shares of NASDAQ FTNT opened at $80.35 on Wednesday. The firm’s 50-day simple moving average is $83.17 and its 200 day simple moving average is $82.83. The company has a market cap of $14.02 billion, a price-to-earnings ratio of 58.55, a price-to-earnings-growth ratio of 3.74 and a beta of 1.08. Fortinet has a 12-month low of $64.41 and a 12-month high of $96.96.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The business had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. On average, research analysts predict that Fortinet will post 1.42 earnings per share for the current year.

In other news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the completion of the sale, the director now directly owns 75,213 shares of the company’s stock, valued at approximately $6,071,193.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total value of $650,640.00. Following the sale, the chief executive officer now directly owns 12,523,273 shares of the company’s stock, valued at $1,018,517,793.09. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,250 shares of company stock valued at $3,642,598. 17.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Valeo Financial Advisors LLC boosted its position in Fortinet by 2,117.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares during the last quarter. Bremer Bank National Association acquired a new position in Fortinet during the 1st quarter worth approximately $44,000. Amica Retiree Medical Trust acquired a new position in Fortinet during the 2nd quarter worth approximately $51,000. Employers Holdings Inc. acquired a new position in Fortinet during the 2nd quarter worth approximately $54,000. Finally, CSat Investment Advisory L.P. boosted its position in Fortinet by 207.2% during the 2nd quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock worth $73,000 after acquiring an additional 636 shares during the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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