Fortinet (NASDAQ:FTNT) PT Lowered to $75.00 at Barclays

Fortinet (NASDAQ:FTNT) had its target price trimmed by Barclays from $80.00 to $75.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

A number of other equities analysts have also issued reports on FTNT. StockNews.com lowered Fortinet from a buy rating to a hold rating in a report on Thursday, April 18th. Rosenblatt Securities reissued a buy rating and issued a $85.00 target price on shares of Fortinet in a report on Friday. Wedbush restated an outperform rating and set a $86.00 price target on shares of Fortinet in a research note on Wednesday, May 1st. Cantor Fitzgerald lowered their price objective on shares of Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a research report on Friday. Finally, Truist Financial upped their price objective on shares of Fortinet from $60.00 to $80.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $70.37.

Fortinet Stock Performance

NASDAQ FTNT traded down $0.07 on Friday, reaching $58.81. The stock had a trading volume of 14,428,140 shares, compared to its average volume of 5,977,987. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The stock has a market cap of $44.89 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The business’s 50-day moving average price is $67.53 and its 200 day moving average price is $61.95. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. Fortinet’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts expect that Fortinet will post 1.4 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Fortinet

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