Susquehanna Lowers Fortinet (NASDAQ:FTNT) Price Target to $65.00

Fortinet (NASDAQ:FTNT) had its target price lowered by research analysts at Susquehanna from $80.00 to $65.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Susquehanna’s price target points to a potential upside of 9.37% from the stock’s current price.

FTNT has been the topic of a number of other reports. Scotiabank reduced their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Royal Bank of Canada decreased their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Robert W. Baird dropped their price target on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Finally, UBS Group boosted their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $70.37.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $59.43 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The company has a market capitalization of $45.36 billion, a price-to-earnings ratio of 38.84, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The firm has a 50 day moving average of $67.13 and a 200 day moving average of $61.98. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly 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 business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts predict that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were 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 owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated 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 sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by insiders.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vima LLC purchased a new position in Fortinet in the fourth quarter worth approximately $25,000. Rise Advisors LLC lifted its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the last quarter. Headinvest LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet during the 4th quarter worth about $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter valued at about $32,000. Institutional investors and hedge funds 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.