Analysts’ Recent Ratings Changes for Fortinet (FTNT)

A number of research firms have changed their ratings and price targets for Fortinet (NASDAQ: FTNT):

• 4/18/2024 – Fortinet was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 4/18/2024 – Fortinet had its price target lowered by analysts at Jefferies Financial Group Inc. from $75.00 to $70.00. They now have a “hold” rating on the stock.
• 4/17/2024 – Fortinet had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $65.00 price target on the stock.
• 4/10/2024 – Fortinet was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/3/2024 – Fortinet had its “neutral” rating reaffirmed by analysts at Piper Sandler. They now have a $75.00 price target on the stock.
• 4/3/2024 – Fortinet had its “neutral” rating reaffirmed by analysts at Susquehanna. They now have a $80.00 price target on the stock.
• 4/3/2024 – Fortinet had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $85.00 price target on the stock.
• 3/4/2024 – Fortinet was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.

Fortinet Price Performance

Shares of FTNT opened at $64.30 on Tuesday. The company has a market capitalization of $49.06 billion, a price-to-earnings ratio of 44.34, a P/E/G ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business’s 50-day moving average is $67.88 and its 200-day moving average is $61.83.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. Equities research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTNT. Vima LLC acquired a new position in shares of Fortinet in the fourth quarter valued at $25,000. Rise Advisors LLC raised its stake in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares in the last quarter. Headinvest LLC acquired a new position in Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the fourth quarter worth $29,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth $32,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.