Fortinet’s (FTNT) “Underweight” Rating Reiterated at JPMorgan Chase & Co.

by · The Markets Daily

JPMorgan Chase & Co. restated their underweight rating on shares of Fortinet (NASDAQ:FTNT – Free Report) in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm currently has a $75.00 price objective on the software maker’s stock, down from their prior price objective of $85.00.

Other analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a report on Monday. Hsbc Global Res cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Royal Bank Of Canada decreased their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 target price on shares of Fortinet in a report on Monday, November 24th. Finally, Piper Sandler cut their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $90.11.

Read Our Latest Analysis on FTNT

Fortinet Stock Up 0.6%

Shares of FTNT opened at $80.24 on Wednesday. The firm has a market cap of $59.67 billion, a P/E ratio of 33.02, a price-to-earnings-growth ratio of 2.97 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 $82.77 and its 200 day moving average price is $88.67. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the firm posted $0.63 earnings per share. Fortinet’s revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, sell-side analysts forecast that Fortinet will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,546 shares of the firm’s 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by insiders.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after acquiring an additional 2,894,355 shares in the last quarter. State Street Corp lifted its stake in Fortinet by 1.6% during the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Fortinet by 5.2% in the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after purchasing an additional 828,569 shares in the last quarter. Norges Bank acquired a new position in Fortinet in the second quarter valued at approximately $1,640,900,000. Finally, Invesco Ltd. increased its stake in Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after purchasing an additional 1,568,337 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

About Fortinet

(Get Free Report)

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.

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