Fortinet (NASDAQ:FTNT) Rating Reiterated by Guggenheim

Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating restated by analysts at Guggenheim in a research note issued on Tuesday, Benzinga reports. They presently have a $81.00 price target on the software maker’s stock. Guggenheim’s target price would suggest a potential upside of 39.39% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. BMO Capital Markets lowered their target price on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a report on Friday, May 3rd. Evercore ISI lowered their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a report on Friday, May 3rd. Jefferies Financial Group lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $85.00 target price on shares of Fortinet in a report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $70.03.

Fortinet Stock Performance

NASDAQ:FTNT opened at $58.11 on Tuesday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The firm has a market capitalization of $44.39 billion, a price-to-earnings ratio of 37.98, a PEG ratio of 2.87 and a beta of 0.98. The company’s 50-day moving average is $60.73 and its two-hundred day moving average is $63.64. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24.

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

Insider Activity

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Advisors LLC grew its holdings in Fortinet by 91.6% during the first quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock worth $2,269,000 after acquiring an additional 15,880 shares during the period. Cetera Investment Advisers increased its stake in Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares in the last quarter. PGGM Investments increased its stake in Fortinet by 0.8% in the 1st quarter. PGGM Investments now owns 175,791 shares of the software maker’s stock worth $12,008,000 after purchasing an additional 1,360 shares in the last quarter. Swedbank AB purchased a new position in Fortinet in the 1st quarter worth about $548,013,000. Finally, Sanibel Captiva Trust Company Inc. increased its stake in Fortinet by 0.9% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 179,110 shares of the software maker’s stock worth $12,235,000 after purchasing an additional 1,526 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

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.