Fortinet (NASDAQ:FTNT) Price Target Lowered to $75.00 at Barclays

Fortinet (NASDAQ:FTNT) had its price target lowered by Barclays from $80.00 to $75.00 in a report published on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. StockNews.com lowered shares of Fortinet from a buy rating to a hold rating in a research note on Thursday, April 18th. HSBC cut Fortinet from a hold rating to a reduce rating and set a $57.00 target price for the company. in a report on Wednesday, February 7th. Scotiabank boosted their price target on Fortinet from $70.00 to $90.00 and gave the company a sector outperform rating in a report on Wednesday, February 7th. Susquehanna reiterated a neutral rating and set a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Daiwa Capital Markets upgraded Fortinet from a neutral rating to an outperform rating and set a $75.00 target price on the stock in a research note on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $70.68.

Fortinet Trading Down 9.7 %

NASDAQ FTNT traded down $6.32 on Friday, reaching $58.88. The company had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The stock’s 50 day moving average is $67.53 and its 200-day moving average is $61.90. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. Equities analysts predict that Fortinet will post 1.39 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FTNT. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares in the last quarter. Buckhead Capital Management LLC grew its position in Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after acquiring an additional 187 shares during the last quarter. STF Management LP raised its stake in Fortinet by 1.5% during the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after acquiring an additional 187 shares in the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of Fortinet by 1.6% in the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after acquiring an additional 197 shares during the last quarter. Finally, Johnson Investment Counsel Inc. boosted its stake in shares of Fortinet by 1.0% in the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after purchasing an additional 200 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

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.