Fortinet (NASDAQ:FTNT) Price Target Cut to $70.00 by Analysts at Truist Financial

Fortinet (NASDAQ:FTNT) had its price target reduced by Truist Financial from $80.00 to $70.00 in a research note released on Friday, Benzinga reports. Truist Financial currently has a buy rating on the software maker’s stock.

Other analysts have also recently issued research reports about the company. Barclays reduced their price objective on Fortinet from $80.00 to $75.00 and set an equal weight rating for the company in a research report on Friday. Robert W. Baird reduced their price objective on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a research report on Friday. StockNews.com cut Fortinet from a buy rating to a hold rating in a research report on Thursday, April 18th. Morgan Stanley raised their target price on Fortinet from $77.00 to $81.00 and gave the company an overweight rating in a report on Wednesday, February 7th. Finally, Capital One Financial lowered Fortinet from an overweight rating to an equal weight rating in a report on Wednesday, January 17th. Two 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 MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $70.37.

Fortinet Stock Down 9.7 %

Shares of FTNT stock opened at $58.88 on Friday. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The stock has a market cap of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The business’s fifty day moving average is $67.53 and its 200-day moving average is $61.95. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the company posted $0.29 EPS. Equities analysts expect that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 in the last three months. 17.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB grew its stake in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares during the period. Morgan Stanley increased its stake in Fortinet by 1.3% during the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after purchasing an additional 108,548 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Fortinet by 5.1% in the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after purchasing an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Fortinet by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after buying an additional 153,119 shares during the period. Finally, Norges Bank bought a new position in shares of Fortinet during the fourth quarter worth about $203,501,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

About Fortinet

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.