Rosenblatt Securities Reaffirms Buy Rating for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNTGet Free Report)‘s stock had its “buy” rating reaffirmed by equities research analysts at Rosenblatt Securities in a report released on Tuesday, Benzinga reports. They presently have a $85.00 price target on the software maker’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 41.45% from the company’s previous close.

Several other equities research analysts also recently commented on the company. Evercore ISI dropped their target price on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday, May 3rd. Barclays decreased their price target on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Wedbush restated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, May 22nd. Jefferies Financial Group decreased their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Finally, JPMorgan Chase & Co. decreased their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $70.10.

Check Out Our Latest Research Report on Fortinet

Fortinet Trading Up 0.6 %

NASDAQ FTNT opened at $60.09 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The firm 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. The stock’s 50 day moving average is $62.91 and its 200 day moving average is $63.10.

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

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,403 shares of company stock valued at $4,262,858. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the period. Nordea Investment Management AB lifted its position in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares during the period. Morgan Stanley lifted its position in Fortinet by 1.3% during the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after acquiring an additional 108,548 shares during the period. Finally, Swedbank AB acquired a new stake in Fortinet during the 1st quarter worth about $548,013,000. Institutional investors own 83.71% of the company’s stock.

About Fortinet

(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)

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