Fortinet (NASDAQ:FTNT) Earns “Buy” Rating from Rosenblatt Securities

Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a report released on Tuesday,Benzinga reports. They currently have a $125.00 price target on the software maker’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 22.61% from the stock’s previous close.

A number of other brokerages have also issued reports on FTNT. Jefferies Financial Group lowered their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective on the stock. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus decreased their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. Finally, Wells Fargo & Company dropped their price target on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $104.80.

Fortinet Price Performance

FTNT stock opened at $101.95 on Tuesday. The company has a market capitalization of $78.03 billion, a PE ratio of 45.11, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business’s fifty day moving average price is $101.66 and its 200 day moving average price is $100.19. Fortinet has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate 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 business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.43 earnings per share. On average, sell-side analysts anticipate that Fortinet will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several hedge funds have recently modified their holdings of the stock. Eagle Capital Management LLC grew its stake in shares of Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock valued at $2,473,000 after buying an additional 404 shares during the period. Brighton Jones LLC boosted its holdings in Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares during the last quarter. Allworth Financial LP grew its position in Fortinet by 6.0% during the fourth quarter. Allworth Financial LP now owns 5,837 shares of the software maker’s stock valued at $573,000 after acquiring an additional 329 shares during the period. J.W. Cole Advisors Inc. increased its stake in Fortinet by 6.1% during the fourth quarter. J.W. Cole Advisors Inc. now owns 10,830 shares of the software maker’s stock worth $1,023,000 after acquiring an additional 625 shares during the last quarter. Finally, Sierra Ocean LLC purchased a new position in shares of Fortinet in the 4th quarter worth about $77,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.