Fortinet, Inc. (NASDAQ:FTNT) Given Consensus Rating of "Hold" by Brokerages

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) have received an average rating of "Hold" from the thirty-four brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $104.80.

Several research analysts have weighed in on FTNT shares. Morgan Stanley lowered their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Robert W. Baird boosted their price target on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. StockNews.com cut Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. Finally, UBS Group reduced their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th.

Fortinet Stock Up 2.0%

Shares of FTNT opened at $104.59 on Monday. The company has a market capitalization of $80.05 billion, a P/E ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. Fortinet has a one year low of $54.57 and a one year high of $114.82. The business's 50 day simple moving average is $98.53 and its 200-day simple moving average is $98.43. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

Insider Activity

In other news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock valued at $74,135,907 in the last quarter. 17.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently bought and sold shares of the business. Saudi Central Bank purchased a new position in shares of Fortinet during the 1st quarter valued at approximately $25,000. SJS Investment Consulting Inc. lifted its holdings in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the fourth quarter valued at about $27,000. Clearstead Trust LLC purchased a new stake in shares of Fortinet during the first quarter worth about $28,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after purchasing an additional 284 shares during the last quarter. 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.

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