Fortinet (NASDAQ:FTNT) Stock Rating Reaffirmed by Needham & Company LLC

Fortinet (NASDAQ:FTNTGet Free Report)‘s stock had its “hold” rating reiterated by research analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports.

Several other research analysts also recently issued reports on the stock. Scotiabank reduced their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Jefferies Financial Group reduced their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, May 22nd. Wells Fargo & Company reduced their price target on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Finally, Robert W. Baird reduced their price target on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $70.10.

Read Our Latest Report on FTNT

Fortinet Stock Up 0.6 %

Shares of NASDAQ:FTNT opened at $60.09 on Tuesday. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The company’s fifty day moving average is $62.91 and its 200-day moving average is $63.10. The company has a market capitalization of $45.91 billion, a PE ratio of 39.27, a P/E/G ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company earned $0.29 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities research analysts predict that Fortinet will post 1.46 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Fortinet news, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The disclosure for this sale can be found here. Insiders sold a total of 67,403 shares of company stock valued at $4,262,858 in the last ninety days. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently bought and sold shares of FTNT. Vima LLC acquired a new position in Fortinet during the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC boosted its position in 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 acquiring an additional 217 shares during the last quarter. Headinvest LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $29,000. Finally, Atwood & Palmer Inc. acquired a new position in Fortinet during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds 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.

See Also

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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