Fortinet, Inc. (NASDAQ:FTNT) Receives $90.37 Average Price Target from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been given an average rating of “Hold” by the thirty-six ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, twenty-eight have assigned a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $90.3704.

A number of research analysts have commented on FTNT shares. Mizuho decreased their price objective on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research report on Thursday, November 6th. Jefferies Financial Group decreased their price target on Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Daiwa Capital Markets lowered Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a research report on Wednesday, November 12th. Morgan Stanley restated an “underweight” rating and set a $67.00 target price (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Finally, Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th.

Fortinet Stock Up 2.0%

Shares of NASDAQ:FTNT opened at $86.92 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The firm has a market cap of $64.64 billion, a P/E ratio of 35.77, a P/E/G ratio of 3.24 and a beta of 1.10. Fortinet has a 12 month low of $70.12 and a 12 month high of $114.82. The company’s 50-day moving average price is $83.50 and its two-hundred day moving average price is $89.99.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the business earned $0.63 earnings per share. Fortinet’s quarterly revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, research analysts forecast that Fortinet will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its holdings in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $585,000. Thoroughbred Financial Services LLC raised its holdings in shares of Fortinet by 16.3% in the first quarter. Thoroughbred Financial Services LLC now owns 5,994 shares of the software maker’s stock valued at $576,000 after purchasing an additional 839 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in shares of Fortinet by 262.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,266 shares of the software maker’s stock worth $122,000 after purchasing an additional 917 shares in the last quarter. Finally, Wealthspire Advisors LLC boosted its holdings in Fortinet by 2.5% during the first quarter. Wealthspire Advisors LLC now owns 4,838 shares of the software maker’s stock worth $466,000 after purchasing an additional 119 shares during 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.