Fortinet (NASDAQ:FTNT) Rating Lowered to "Hold" at Wall Street Zen

Wall Street Zen cut shares of Fortinet (NASDAQ:FTNT - Free Report) from a buy rating to a hold rating in a research note published on Saturday morning.

FTNT has been the subject of a number of other reports. Stifel Nicolaus decreased their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Scotiabank decreased their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Wolfe Research assumed coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price objective on shares of Fortinet in a research report on Tuesday, June 17th. Finally, UBS Group decreased their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $105.62.

Fortinet Stock Down 0.7%

Shares of NASDAQ:FTNT traded down $0.75 on Friday, hitting $103.11. 5,705,689 shares of the company's stock were exchanged, compared to its average volume of 4,859,876. The firm's 50-day moving average is $102.54 and its 200 day moving average is $100.49. The company has a market capitalization of $78.92 billion, a PE ratio of 42.43, a P/E/G ratio of 3.56 and a beta of 1.06. Fortinet has a 1-year low of $54.57 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its 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. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 EPS. Sell-side analysts predict that Fortinet will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 335 shares of the company's stock in a transaction on Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the stock. Saudi Central Bank purchased a new stake in shares of Fortinet in the first quarter valued at $25,000. SJS Investment Consulting Inc. grew its position in shares of Fortinet by 703.1% in 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 during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet in the fourth quarter valued at $27,000. Clearstead Trust LLC purchased a new stake in shares of Fortinet in the first quarter valued at $28,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares during the period. 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.