Fortinet (NASDAQ:FTNT) PT Lowered to $66.00 at Mizuho

Fortinet (NASDAQ:FTNT) had its price target lowered by Mizuho from $70.00 to $66.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of a number of other reports. UBS Group upped their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a report on Wednesday, January 10th. Wells Fargo & Company raised their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a neutral rating and set a $65.00 price objective on shares of Fortinet in a report on Wednesday, April 17th. BMO Capital Markets increased their price objective on shares of Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a report on Wednesday, February 7th. Finally, Needham & Company LLC reiterated a hold rating on shares of Fortinet in a report on Friday. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $70.37.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $58.88 on Friday. Fortinet has a one year low of $44.12 and a one year high of $81.24. The stock has a fifty day moving average of $67.53 and a 200-day moving average of $61.95. The company has a market capitalization of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNT) last released its 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 company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 earnings per share. As a group, equities analysts anticipate that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on 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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last quarter, insiders have sold 118,480 shares of company stock worth $8,021,556. Company insiders own 17.54% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Nordea Investment Management AB increased its holdings in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the period. Norges Bank acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $203,501,000. Sarasin & Partners LLP bought a new stake in shares of Fortinet during the 1st quarter worth approximately $120,746,000. DSM Capital Partners LLC bought a new stake in shares of Fortinet during the 3rd quarter worth approximately $75,698,000. Finally, Public Sector Pension Investment Board lifted its stake in Fortinet by 358.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after purchasing an additional 1,285,197 shares during the last quarter. 83.71% of the stock is 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.