JPMorgan Chase & Co. Has Lowered Expectations for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target reduced by research analysts at JPMorgan Chase & Co. from $87.00 to $85.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 3.92% from the company’s current price.

Other analysts also recently issued research reports about the company. Cantor Fitzgerald upped their target price on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Barclays dropped their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Thursday. Mizuho decreased their target price on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research note on Thursday. Finally, Piper Sandler dropped their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.48.

Fortinet Stock Performance

Shares of FTNT opened at $81.79 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a 50-day moving average of $83.16 and a two-hundred day moving average of $93.11. The stock has a market cap of $62.67 billion, a P/E ratio of 32.59, a P/E/G ratio of 3.17 and a beta of 1.08. Fortinet has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, research analysts predict that Fortinet will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’s 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 transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FTNT. Brighton Jones LLC raised its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after buying an additional 221 shares during the period. Bison Wealth LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $585,000. OneDigital Investment Advisors LLC raised its stake in shares of Fortinet by 20.6% in the 1st quarter. OneDigital Investment Advisors LLC now owns 6,438 shares of the software maker’s stock valued at $620,000 after acquiring an additional 1,099 shares during the period. World Investment Advisors lifted its holdings in shares of Fortinet by 20.7% in the 1st quarter. World Investment Advisors now owns 3,758 shares of the software maker’s stock worth $362,000 after acquiring an additional 644 shares during the last quarter. Finally, Brown Advisory Inc. lifted its holdings in shares of Fortinet by 2.5% in the 1st quarter. Brown Advisory Inc. now owns 106,280 shares of the software maker’s stock worth $10,231,000 after acquiring an additional 2,544 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.