Fortinet, Inc. (NASDAQ:FTNT) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been given an average recommendation of “Hold” by the thirty-one analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $74.68.

A number of analysts recently commented on FTNT shares. Wells Fargo & Company upped their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research report on Thursday, October 17th. TD Cowen upped their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald upped their price objective on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 70,538 shares of company stock valued at $5,403,559. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Versor Investments LP grew its holdings in Fortinet by 157.9% during the 3rd quarter. Versor Investments LP now owns 13,106 shares of the software maker’s stock worth $1,016,000 after acquiring an additional 8,024 shares in the last quarter. GDS Wealth Management bought a new position in Fortinet during the 3rd quarter worth about $444,000. Catalytic Wealth RIA LLC bought a new position in Fortinet during the 3rd quarter worth about $202,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter worth about $26,000. Finally, Los Angeles Capital Management LLC grew its holdings in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.1 %

FTNT stock opened at $78.84 on Thursday. Fortinet has a 1-year low of $47.66 and a 1-year high of $83.77. The business has a fifty day moving average price of $78.06 and a 200-day moving average price of $67.52. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market capitalization of $60.31 billion, a P/E ratio of 46.65, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 earnings per share. Equities analysts forecast that Fortinet will post 1.75 earnings per share for the current fiscal year.

Fortinet Company Profile

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.