Fortinet (NASDAQ:FTNT) Cut to Neutral at Guggenheim

Guggenheim downgraded shares of Fortinet (NASDAQ:FTNT) from a buy rating to a neutral rating in a report issued on Monday morning, MarketBeat.com reports.

Other analysts have also issued research reports about the stock. Cantor Fitzgerald lowered their price objective on shares of Fortinet from $65.00 to $55.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Morgan Stanley lowered their price objective on shares of Fortinet from $73.00 to $69.00 and set an overweight rating for the company in a research note on Wednesday, July 17th. Scotiabank lowered their price objective on shares of Fortinet from $90.00 to $80.00 and set a sector outperform rating for the company in a research note on Friday, May 3rd. StockNews.com raised shares of Fortinet from a hold rating to a buy rating in a research report on Sunday, June 30th. Finally, HSBC reduced their price target on shares of Fortinet from $57.00 to $54.00 and set a reduce rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $70.00.

Fortinet Stock Down 1.4 %

NASDAQ:FTNT opened at $57.20 on Monday. The company has a fifty day moving average of $59.25 and a 200-day moving average of $63.70. The firm has a market capitalization of $43.70 billion, a P/E ratio of 37.39, a P/E/G ratio of 2.81 and a beta of 0.98. Fortinet has a twelve month low of $44.12 and a twelve month high of $77.24.

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, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during 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 2,235.48%. Fortinet’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 EPS. On average, analysts anticipate that Fortinet will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,203 shares of company stock valued at $4,015,048. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vima LLC bought a new stake in shares of Fortinet during the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the first quarter valued at about $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the fourth quarter valued at about $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet during the second quarter valued at about $33,000. 83.71% of the stock is currently 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.