Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of Fortinet (NASDAQ:FTNT - Free Report) from a hold rating to a buy rating in a report issued on Saturday.

A number of other research analysts also recently issued reports on the company. Wolfe Research began coverage on Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Roth Capital set a $103.00 price objective on Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. Cantor Fitzgerald decreased their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Royal Bank Of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $106.14.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $2.12 during trading on Friday, reaching $105.09. The stock had a trading volume of 2,483,014 shares, compared to its average volume of 4,874,618. The business has a fifty day moving average price of $103.23 and a 200-day moving average price of $101.02. The stock has a market cap of $80.44 billion, a PE ratio of 43.34, a PEG ratio of 3.42 and a beta of 1.06. 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 has a 1-year low of $54.57 and a 1-year high of $114.82.

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

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average cost 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 $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently modified their holdings of the business. SJS Investment Consulting Inc. grew its position in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares in the last quarter. Saudi Central Bank bought a new stake in Fortinet in the first quarter worth about $25,000. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the 4th quarter worth about $27,000. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter worth about $28,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in 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 valued at $29,000 after acquiring an additional 284 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.