UBS Group Cuts Fortinet (NASDAQ:FTNT) Price Target to $80.00

Fortinet (NASDAQ:FTNT) had its price target lowered by UBS Group from $90.00 to $80.00 in a report published on Thursday,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

A number of other research firms have also weighed in on FTNT. Morgan Stanley reissued an “underweight” rating and set a $67.00 target price (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Friday, August 8th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Finally, Cantor Fitzgerald increased their price target on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $92.48.

Fortinet Price Performance

Shares of FTNT opened at $81.79 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. 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. Fortinet has a 12-month low of $70.12 and a 12-month high of $114.82. The business has a 50-day simple moving average of $83.16 and a two-hundred day simple moving average of $93.10.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the firm posted $0.63 earnings per share. 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, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction 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 sale, the vice president 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 SEC filing for this sale provides additional information. Insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FTNT. LSV Asset Management purchased a new position in shares of Fortinet in the 2nd quarter worth approximately $25,000. Saudi Central Bank purchased a new stake in shares of Fortinet during the first quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter worth $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the period. Finally, Financial Consulate Inc. purchased a new position in Fortinet in the third quarter worth $25,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.