BMO Capital Markets Cuts Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT - Get Free Report) had its target price decreased by research analysts at BMO Capital Markets from $122.00 to $110.00 in a research note issued to investors on Thursday, Marketbeat.com reports. The firm currently has a "market perform" rating on the software maker's stock. BMO Capital Markets' price objective would indicate a potential upside of 2.76% from the stock's current price.

A number of other research analysts also recently issued reports on FTNT. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Stifel Nicolaus raised their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a report on Friday, February 7th. Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $107.40.

Fortinet Stock Down 0.1 %

FTNT opened at $107.04 on Thursday. The stock has a market cap of $81.86 billion, a PE ratio of 47.36, a P/E/G ratio of 4.19 and a beta of 1.16. The business's fifty day simple moving average is $98.62 and its 200 day simple moving average is $97.15. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the business earned $0.43 EPS. Fortinet's revenue was up 13.8% compared to the same quarter last year. As a group, research analysts expect that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 in the last three months. Corporate insiders own 18.00% of the company's stock.

Institutional Investors Weigh In On Fortinet

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. raised its position in Fortinet by 21.6% during the third quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker's stock worth $32,408,000 after acquiring an additional 69,374 shares during the period. Principal Financial Group Inc. lifted its stake in Fortinet by 8.7% in the 3rd quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker's stock valued at $58,174,000 after buying an additional 59,930 shares in the last quarter. First Hawaiian Bank acquired a new stake in Fortinet in the 4th quarter worth about $670,000. Wealth Enhancement Advisory Services LLC increased its stake in Fortinet by 2.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker's stock worth $7,271,000 after buying an additional 1,638 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Fortinet by 2.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker's stock valued at $686,000 after acquiring an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

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.

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