Fortinet (NASDAQ:FTNT) Receives Buy Rating from Rosenblatt Securities

Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reaffirmed by analysts at Rosenblatt Securities in a note issued to investors on Tuesday,Benzinga reports. They currently have a $125.00 price objective on the software maker’s stock. Rosenblatt Securities’ target price points to a potential upside of 23.98% from the company’s previous close.

FTNT has been the subject of a number of other research reports. Royal Bank Of Canada dropped their price objective on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a research note on Thursday, May 8th. Scotiabank dropped their price objective on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. UBS Group dropped their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group dropped their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Finally, Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a “neutral” rating in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $104.80.

Fortinet Price Performance

NASDAQ:FTNT opened at $100.82 on Tuesday. Fortinet has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $77.17 billion, a P/E ratio of 41.49, a PEG ratio of 3.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The company has a fifty day moving average price of $101.73 and a 200 day moving average price of $100.21.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the company posted $0.43 EPS. The business’s revenue was up 13.8% on a year-over-year basis. Analysts anticipate that Fortinet will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Peloton Wealth Strategists boosted its stake in shares of Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the last quarter. Hemington Wealth Management boosted its stake in shares of Fortinet by 16.6% in the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock valued at $72,000 after purchasing an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of Fortinet by 0.9% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 107 shares during the last quarter. SageView Advisory Group LLC boosted its stake in shares of Fortinet by 3.5% in the 1st quarter. SageView Advisory Group LLC now owns 3,166 shares of the software maker’s stock valued at $305,000 after purchasing an additional 108 shares during the last quarter. Finally, Eagle Capital Management LLC boosted its stake in shares of Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock valued at $2,530,000 after purchasing an additional 109 shares during the last quarter. 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.