Fortinet (NASDAQ:FTNT) Price Target Lowered to $105.00 at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its price objective cut by Royal Bank of Canada from $110.00 to $105.00 in a report published on Thursday,Benzinga reports. They currently have a sector perform rating on the software maker’s stock.

Several other brokerages also recently commented on FTNT. DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $95.00 price objective on the stock. in a research report on Tuesday, May 6th. The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Wells Fargo & Company cut their price objective on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Trading Down 0.3 %

Shares of NASDAQ:FTNT opened at $97.42 on Thursday. The stock has a 50 day moving average of $98.26 and a 200 day moving average of $97.47. The company has a market cap of $74.50 billion, a PE ratio of 43.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. Fortinet has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company’s revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 earnings per share. As a group, equities research analysts expect that Fortinet will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 in the last 90 days. 17.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the company. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the period. Hemington Wealth Management boosted its stake in shares of Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock worth $72,000 after buying an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Fortinet by 0.9% during the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 107 shares in the last quarter. Finally, Eagle Capital Management LLC increased its holdings in Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock valued at $2,530,000 after buying an additional 109 shares in the last quarter. Hedge funds and other 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.