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Fortinet (NASDAQ:FTNT) Given "Neutral" Rating at Rosenblatt Securities

Fortinet logo with Computer and Technology background

Key Points

  • Rosenblatt Securities has reaffirmed Fortinet's stock rating as "neutral" with a revised price target of $85.00, down from $125.00, indicating a potential downside of about 12% from the current price.
  • Fortinet reported $0.64 earnings per share for the last quarter, exceeding analyst expectations and showing a 13.6% increase in revenue year-over-year.
  • Institutional investors hold a significant stake in Fortinet, owning approximately 83.71% of the company's shares, with firms like Vanguard and AQR Capital Management increasing their stakes recently.
  • Need Better Tools to Track Fortinet? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Fortinet (NASDAQ:FTNT - Get Free Report)'s stock had its "neutral" rating reaffirmed by stock analysts at Rosenblatt Securities in a research note issued to investors on Thursday, Marketbeat reports. They presently have a $85.00 price target on the software maker's stock, down from their previous price target of $125.00. Rosenblatt Securities' price target suggests a potential downside of 11.99% from the stock's current price.

A number of other research firms also recently weighed in on FTNT. Barclays set a $110.00 price target on shares of Fortinet and gave the company an "equal weight" rating in a report on Monday, July 14th. Stifel Nicolaus dropped their target price on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Wolfe Research started coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. Morgan Stanley cut Fortinet from an "overweight" rating to a "reduce" rating and reduced their target price for the stock from $110.00 to $78.00 in a research report on Thursday. Finally, KeyCorp cut Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $104.00.

Check Out Our Latest Analysis on FTNT

Fortinet Trading Up 0.4%

NASDAQ:FTNT opened at $96.58 on Thursday. Fortinet has a 1 year low of $65.00 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The business has a fifty day moving average of $102.85 and a 200-day moving average of $101.88. The stock has a market cap of $73.92 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 3.32 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $0.57 EPS. The company's revenue was up 13.6% compared to the same quarter last year. Equities analysts predict that Fortinet will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. GAMMA Investing LLC increased its holdings in Fortinet by 11,349.3% in the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock worth $185,551,000 after buying an additional 1,910,771 shares in the last quarter. AQR Capital Management LLC increased its holdings in Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock worth $561,156,000 after buying an additional 1,733,670 shares in the last quarter. Nuveen LLC bought a new position in Fortinet in the first quarter valued at about $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after acquiring an additional 1,026,277 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Company Profile

(Get Free Report)

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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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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