TD Cowen Cuts Fortinet (NASDAQ:FTNT) Price Target to $100.00

Fortinet (NASDAQ:FTNT) had its price objective cut by TD Cowen from $105.00 to $100.00 in a research note published on Thursday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other brokerages also recently weighed in on FTNT. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a report on Friday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Finally, Mizuho cut their price target on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $92.48.

Fortinet Price Performance

Shares of FTNT opened at $81.79 on Thursday. Fortinet has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm’s 50-day simple moving average is $83.16 and its two-hundred day simple moving average is $93.10. The stock has a market cap of $62.67 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $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. Analysts anticipate that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% 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, CEO Ken Xie sold 158,485 shares of the firm’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 transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by insiders.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of the company. LSV Asset Management purchased a new position in Fortinet in the second quarter worth about $25,000. Saudi Central Bank purchased a new stake in shares of Fortinet during the 1st quarter valued at about $25,000. Clearstead Trust LLC bought a new position in shares of Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares during the last quarter. Finally, Financial Consulate Inc. bought a new stake in Fortinet during the third quarter valued at approximately $25,000. 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.