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

Rosenblatt Securities reaffirmed their buy rating on shares of Fortinet (NASDAQ:FTNT - Free Report) in a research note published on Friday, Benzinga reports. The brokerage currently has a $85.00 price target on the software maker's stock.

A number of other equities research analysts have also commented on the company. Sanford C. Bernstein initiated coverage on Fortinet in a research report on Thursday, January 18th. They issued a market perform rating and a $65.00 price target for the company. Daiwa Capital Markets upgraded Fortinet from a neutral rating to an outperform rating and set a $75.00 price target for the company in a research note on Tuesday, February 13th. Robert W. Baird cut their target price on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a research note on Friday. Morgan Stanley raised their target price on Fortinet from $77.00 to $81.00 and gave the stock an overweight rating in a research note on Wednesday, February 7th. Finally, BMO Capital Markets upped their price objective on shares of Fortinet from $70.00 to $82.00 and gave the stock a market perform rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $70.68.

Fortinet Stock Down 9.7 %

FTNT traded down $6.32 on Friday, hitting $58.88. 15,894,899 shares of the company were exchanged, compared to its average volume of 5,879,701. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The stock's fifty day moving average is $67.71 and its 200-day moving average is $61.90. The company has a market cap of $44.94 billion, a PE ratio of 40.61, a PEG ratio of 2.82 and a beta of 1.08. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm's quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. Equities research analysts predict that Fortinet will post 1.39 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 46,084 shares of the firm's stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 over the last 90 days. 17.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in FTNT. Vima LLC bought a new position in Fortinet during the 4th quarter worth $25,000. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after buying an additional 217 shares during the period. Headinvest LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the 4th quarter worth $29,000. Finally, Creekmur Asset Management LLC bought a new position in shares of Fortinet in the 4th quarter worth $32,000. Institutional investors 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.