Robert W. Baird Has Lowered Expectations for Fortinet (NASDAQ:FTNT) Stock Price

by · The Cerbat Gem

Fortinet (NASDAQ:FTNT – Get Free Report) had its price target decreased by investment analysts at Robert W. Baird from $90.00 to $86.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Robert W. Baird’s price target would indicate a potential upside of 7.50% from the company’s previous close.

Several other research firms have also weighed in on FTNT. Truist Financial dropped their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Scotiabank dropped their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Citigroup cut Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a research report on Thursday. Finally, Royal Bank Of Canada reduced their price objective on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $93.97.

Check Out Our Latest Research Report on Fortinet

Fortinet Price Performance

NASDAQ FTNT traded down $5.99 during trading hours on Thursday, hitting $80.00. The company had a trading volume of 7,709,281 shares, compared to its average volume of 5,567,330. The firm has a market capitalization of $61.30 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 3.17 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a 50 day simple moving average of $83.07 and a 200 day simple moving average of $93.28. Fortinet has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts expect that Fortinet will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Saudi Central Bank purchased a new position in Fortinet during the 1st quarter worth $25,000. LSV Asset Management purchased a new position in Fortinet during the 2nd quarter worth $25,000. Financial Consulate Inc. purchased a new position in Fortinet during the 3rd quarter worth $25,000. Steigerwald Gordon & Koch Inc. purchased a new position in Fortinet during the 3rd quarter worth $25,000. Finally, Clearstead Trust LLC purchased a new position in shares of Fortinet in the 1st quarter valued at $28,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

About Fortinet

(Get Free Report)

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.

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