Fortinet, Inc. (NASDAQ:FTNT) – DA Davidson issued their Q2 2021 earnings per share (EPS) estimates for Fortinet in a note issued to investors on Friday, April 30th. DA Davidson analyst A. Nowinski forecasts that the software maker will post earnings per share of $0.60 for the quarter. DA Davidson has a “Buy” rating and a $230.00 price objective on the stock.
Other equities analysts also recently issued reports about the company. Pritchard Capital cut their price objective on Fortinet from $110.00 to $104.00 and set a “sell” rating on the stock in a report on Friday, February 5th. They noted that the move was a valuation call. KeyCorp raised their target price on Fortinet from $233.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. Piper Sandler raised their target price on Fortinet from $150.00 to $175.00 and gave the company a “neutral” rating in a report on Tuesday, March 16th. Citigroup dropped their target price on Fortinet from $110.00 to $104.00 and set a “sell” rating on the stock in a report on Friday, February 5th. Finally, BTIG Research raised their target price on Fortinet from $205.00 to $240.00 and gave the company a “buy” rating in a report on Monday, April 26th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $176.26.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, April 29th. The software maker reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.33. Fortinet had a return on equity of 48.30% and a net margin of 18.50%.
A number of institutional investors have recently made changes to their positions in the business. CX Institutional raised its stake in shares of Fortinet by 23.5% in the 1st quarter. CX Institutional now owns 268 shares of the software maker’s stock worth $49,000 after buying an additional 51 shares in the last quarter. Lake Street Financial LLC raised its stake in shares of Fortinet by 0.9% in the 1st quarter. Lake Street Financial LLC now owns 6,295 shares of the software maker’s stock worth $1,161,000 after buying an additional 54 shares in the last quarter. Assetmark Inc. raised its stake in shares of Fortinet by 1.5% in the 4th quarter. Assetmark Inc. now owns 4,511 shares of the software maker’s stock worth $670,000 after buying an additional 67 shares in the last quarter. FDx Advisors Inc. raised its stake in shares of Fortinet by 2.8% in the 1st quarter. FDx Advisors Inc. now owns 2,668 shares of the software maker’s stock worth $492,000 after buying an additional 73 shares in the last quarter. Finally, Atticus Wealth Management LLC raised its stake in shares of Fortinet by 5.1% in the 4th quarter. Atticus Wealth Management LLC now owns 1,551 shares of the software maker’s stock worth $230,000 after buying an additional 75 shares in the last quarter. 67.77% of the stock is currently owned by hedge funds and other institutional investors.
In other Fortinet news, VP Michael Xie sold 5,820 shares of Fortinet stock in a transaction on Tuesday, February 9th. The stock was sold at an average price of $159.51, for a total transaction of $928,348.20. Following the sale, the vice president now owns 6,075,145 shares of the company’s stock, valued at approximately $969,046,378.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 2,411 shares of Fortinet stock in a transaction on Wednesday, April 21st. The shares were sold at an average price of $202.38, for a total value of $487,938.18. Following the sale, the vice president now directly owns 1,215 shares in the company, valued at approximately $245,891.70. The disclosure for this sale can be found here. Insiders have sold a total of 67,525 shares of company stock valued at $11,429,483 in the last 90 days. Insiders own 17.20% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.
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