Fortinet’s (FTNT) Neutral Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reiterated their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a $85.00 price target on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Morgan Stanley restated an “underweight” rating and set a $67.00 target price (down previously from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Truist Financial dropped their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $92.57.

Fortinet Trading Up 1.6%

FTNT stock traded up $1.25 during trading on Thursday, hitting $81.79. The company had a trading volume of 7,147,823 shares, compared to its average volume of 5,602,864. The stock has a market cap of $62.67 billion, a PE ratio of 32.59, a PEG ratio of 3.17 and a beta of 1.08. The business has a 50-day moving average of $83.16 and a 200-day moving average of $93.11. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet has a one year low of $70.12 and a one year high of $114.82.

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 net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company earned $0.63 EPS. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Research analysts predict that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the business’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 value of $13,710,537.35. Following the sale, the chief executive officer directly 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Dover Advisors LLC boosted its holdings in Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after acquiring an additional 94 shares during the last quarter. Balboa Wealth Partners lifted its position in shares of Fortinet by 4.3% during the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares in the last quarter. Hemington Wealth Management boosted its holdings in Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the last quarter. Peloton Wealth Strategists grew its position in Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont grew its position in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 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.