Fortinet (NASDAQ:FTNT) Price Target Lowered to $68.00 at Rosenblatt Securities

Fortinet (NASDAQ:FTNT) had its price objective decreased by Rosenblatt Securities from $85.00 to $68.00 in a research report sent to investors on Monday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

A number of other analysts also recently issued reports on the company. Susquehanna cut their price objective on Fortinet from $80.00 to $65.00 and set a neutral rating for the company in a research report on Monday, May 6th. TD Cowen raised Fortinet from a hold rating to a buy rating and set a $75.00 price objective for the company in a research report on Thursday, July 18th. Barclays lowered their target price on Fortinet from $75.00 to $70.00 and set an equal weight rating for the company in a report on Thursday, July 11th. Piper Sandler lowered their target price on Fortinet from $75.00 to $70.00 and set a neutral rating for the company in a report on Friday, May 3rd. Finally, Citigroup lowered their target price on Fortinet from $68.00 to $65.00 and set a neutral rating for the company in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $69.39.

Fortinet Stock Up 0.8 %

Shares of FTNT traded up $0.42 during midday trading on Monday, reaching $55.81. The company had a trading volume of 9,367,941 shares, compared to its average volume of 5,765,938. Fortinet has a 1-year low of $44.12 and a 1-year high of $73.91. The stock has a market cap of $42.64 billion, a PE ratio of 36.70, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The firm has a 50 day simple moving average of $59.04 and a 200-day simple moving average of $63.65.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. As a group, sell-side analysts anticipate that Fortinet will post 1.47 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 91,915 shares of company stock valued at $5,401,638. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vima LLC acquired a new position in Fortinet during the fourth quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the first quarter valued at approximately $25,000. Rise Advisors LLC increased its holdings in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.