Fortinet (NASDAQ:FTNT) PT Lowered to $70.00 at Truist Financial

Fortinet (NASDAQ:FTNT) had its target price reduced by Truist Financial from $80.00 to $70.00 in a research report report published on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the software maker’s stock.

Several other research analysts also recently commented on the company. Wedbush reaffirmed an outperform rating and issued a $86.00 price objective on shares of Fortinet in a research note on Wednesday, May 1st. Cantor Fitzgerald dropped their price objective on Fortinet from $65.00 to $55.00 and set a neutral rating for the company in a research note on Friday. Robert W. Baird cut their target price on shares of Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a research note on Friday. Jefferies Financial Group dropped their price target on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a research note on Thursday, April 18th. Finally, Royal Bank of Canada boosted their price target on shares of Fortinet from $60.00 to $71.00 and gave the stock a sector perform rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $70.37.

Fortinet Price Performance

FTNT stock opened at $58.88 on Friday. The firm has a 50 day moving average price of $67.53 and a 200-day moving average price of $61.95. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The firm has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG 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 announced its quarterly earnings data 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. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. Equities research analysts forecast that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,480 shares of company stock worth $8,021,556. Insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. grew its position in shares of Fortinet by 220.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 34,378 shares of the software maker’s stock valued at $2,348,000 after acquiring an additional 23,643 shares during the period. Valley Wealth Managers Inc. boosted its holdings in Fortinet by 18.5% in the 1st quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock worth $382,000 after buying an additional 871 shares during the last quarter. Signaturefd LLC increased its stake in Fortinet by 42.0% during the 1st quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after buying an additional 4,461 shares in the last quarter. Mediolanum International Funds Ltd acquired a new position in shares of Fortinet during the first quarter valued at approximately $14,847,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Fortinet in the first quarter worth approximately $569,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.