Fortinet (NASDAQ:FTNT) Rating Lowered to Hold at StockNews.com

Fortinet (NASDAQ:FTNT) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Several other equities analysts also recently commented on FTNT. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Susquehanna cut their price target on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Royal Bank of Canada cut their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Barclays dropped their price objective on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Finally, BMO Capital Markets cut their target price on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $69.66.

Fortinet Trading Up 1.1 %

NASDAQ FTNT opened at $58.56 on Friday. The business has a fifty day simple moving average of $61.10 and a 200 day simple moving average of $63.43. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The firm has a market capitalization of $44.74 billion, a P/E ratio of 38.27, a PEG ratio of 2.90 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm earned $0.29 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. On average, analysts predict that Fortinet will post 1.46 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fortinet news, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock worth $5,705,568 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vima LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC lifted its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $29,000. Finally, Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter worth $29,000. 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.