Fortinet (NASDAQ:FTNT – Get Free Report) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $118.00 to $140.00 in a report issued on Friday, Benzinga reports. The firm presently has an “underweight” rating on the software maker’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 21.86% from the stock’s previous close.
A number of other analysts have also weighed in on the company. Sanford C. Bernstein restated a “market perform” rating and issued a $145.00 target price (up from $102.00) on shares of Fortinet in a research note on Thursday, September 17th. Rosenblatt Securities raised their price target on Fortinet from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Cantor Fitzgerald restated a “neutral” rating on shares of Fortinet in a report on Monday, August 24th. Arete Research cut Fortinet from a “buy” rating to a “sell” rating and set a $117.00 target price for the company. in a research note on Wednesday. Finally, TD Cowen reissued a “buy” rating and set a $225.00 price objective (up from $215.00) on shares of Fortinet in a research report on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twenty-one have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $162.36.
Read Our Latest Analysis on Fortinet
Fortinet Price Performance
NASDAQ:FTNT traded up $6.18 during mid-day trading on Friday, hitting $179.16. The company’s stock had a trading volume of 951,869 shares, compared to its average volume of 5,777,145. Fortinet has a fifty-two week low of $73.55 and a fifty-two week high of $197.13. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average of $170.07 and a 200-day moving average of $145.84. The company has a market capitalization of $131.45 billion, a price-to-earnings ratio of 62.97, a P/E/G ratio of 3.25 and a beta of 1.03.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm earned $0.64 EPS. Fortinet’s quarterly revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, equities analysts forecast that Fortinet will post 3.10 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 53,865 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $165.44, for a total value of $8,911,425.60. Following the transaction, the chief operating officer directly owned 96,987 shares in the company, valued at $16,045,529.28. The trade was a 35.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 221,303 shares of company stock worth $36,164,034. Company insiders own 17.60% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Burk Holdings LLC acquired a new stake in shares of Fortinet in the second quarter valued at approximately $25,000. Dunhill Financial LLC bought a new stake in shares of Fortinet during the 2nd quarter worth $25,000. Cornerstone Financial Management LLC boosted its stake in shares of Fortinet by 102.5% in the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock valued at $25,000 after purchasing an additional 83 shares in the last quarter. NFSG Corp bought a new stake in shares of Fortinet during the third quarter worth $34,000. Finally, Timbuktu Capital Management LLC bought a new stake in Fortinet during the 2nd quarter worth $31,000. Institutional investors own 83.71% of the company’s stock.
About Fortinet
Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.
Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.
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