Fortinet (NASDAQ:FTNT) Given New $85.00 Price Target at Royal Bank Of Canada

by · The Cerbat Gem

Fortinet (NASDAQ:FTNT – Free Report) had its price target cut by Royal Bank Of Canada from $95.00 to $85.00 in a research note published on Thursday,Benzinga reports. They currently have a sector perform rating on the software maker’s stock.

Other equities research analysts have also recently issued research reports about the company. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Rosenblatt Securities restated a “neutral” rating and set a $85.00 target price on shares of Fortinet in a research note on Thursday. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Scotiabank lowered their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $92.57.

View Our Latest Stock Report on FTNT

Fortinet Stock Performance

NASDAQ:FTNT traded up $1.25 during mid-day trading on Thursday, hitting $81.79. The stock had a trading volume of 7,147,823 shares, compared to its average volume of 5,602,864. Fortinet has a twelve month low of $70.12 and a twelve month high of $114.82. 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 stock has a market cap of $62.67 billion, a price-to-earnings ratio of 32.59, a PEG ratio of 3.17 and a beta of 1.08. The company’s 50 day simple moving average is $83.16 and its 200 day simple moving average is $93.11.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion for 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 business’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts forecast that Fortinet will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction 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 represents a 0.03% 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 insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Saudi Central Bank acquired a new position in Fortinet during the first quarter worth about $25,000. LSV Asset Management acquired a new position in shares of Fortinet during the second quarter worth $25,000. Financial Consulate Inc. bought a new stake in shares of Fortinet in the third quarter worth $25,000. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Fortinet in the third quarter worth $25,000. Finally, Clearstead Trust LLC bought a new position in Fortinet during the 1st quarter worth $28,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Company Profile

(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.

See Also