Fortinet, Inc. (NASDAQ:FTNT) Given Consensus Recommendation of "Hold" by Analysts

Key Points

• Fortinet, Inc. has received a consensus rating of "Hold" from 34 analysts, with one sell, twenty hold, eleven buy, and two strong buy ratings, while the average price target is set at $107.00.
• Institutional investors hold approximately 83.71% of Fortinet's stock, with recent changes in positions indicating a modest increase in shares by various funds.
• Fortinet's stock recently opened at $97.36 and has a 52-week range from $54.57 to $114.82, currently experiencing a 2.5% drop in value.

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) has received a consensus rating of "Hold" from the thirty-four analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $107.00.

A number of research analysts have weighed in on FTNT shares. Wells Fargo & Company boosted their target price on shares of Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Morgan Stanley dropped their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors have recently made changes to their positions in the stock. Dover Advisors LLC lifted its holdings in shares of Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker's stock worth $999,000 after buying an additional 94 shares in the last quarter. Balboa Wealth Partners lifted its holdings in shares of Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker's stock worth $246,000 after buying an additional 96 shares in the last quarter. Hemington Wealth Management lifted its holdings in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker's stock worth $89,000 after buying an additional 99 shares in the last quarter. Peloton Wealth Strategists lifted its holdings in shares of Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker's stock worth $417,000 after buying an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont lifted its holdings in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker's stock worth $302,000 after buying an additional 100 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Down 2.5%

Fortinet stock opened at $97.36 on Friday. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a market cap of $74.52 billion, a PE ratio of 40.07, a price-to-earnings-growth ratio of 3.44 and a beta of 1.08. The firm's 50-day simple moving average is $103.27 and its 200 day simple moving average is $101.81. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the company earned $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts predict that Fortinet will post 2.09 EPS for the current fiscal year.

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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