Fortinet (NASDAQ:FTNT) Research Coverage Started at Stephens

by · The Markets Daily

Stephens assumed coverage on shares of Fortinet (NASDAQ:FTNT – Free Report) in a research note released on Tuesday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $108.00 price target on the software maker’s stock.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. The Goldman Sachs Group lifted their price target on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.77.

Read Our Latest Report on FTNT

Fortinet Trading Down 8.8 %

NASDAQ:FTNT opened at $89.44 on Tuesday. The business has a 50 day moving average price of $102.83 and a two-hundred day moving average price of $93.68. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $68.78 billion, a P/E ratio of 39.58, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, analysts expect that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently modified their holdings of FTNT. Townsquare Capital LLC raised its position in shares of Fortinet by 32.7% during the third quarter. Townsquare Capital LLC now owns 11,082 shares of the software maker’s stock worth $859,000 after acquiring an additional 2,729 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Fortinet by 14.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock valued at $1,998,000 after purchasing an additional 3,300 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Fortinet by 21.0% in the third quarter. Captrust Financial Advisors now owns 50,096 shares of the software maker’s stock valued at $3,885,000 after buying an additional 8,708 shares during the period. Erste Asset Management GmbH acquired a new stake in Fortinet during the 3rd quarter worth about $93,000. Finally, Investment Management Corp of Ontario boosted its position in shares of Fortinet by 49.0% during the 3rd quarter. Investment Management Corp of Ontario now owns 21,601 shares of the software maker’s stock valued at $1,675,000 after purchasing an additional 7,100 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.

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