Fortinet (NASDAQ:FTNT) Downgraded by StockNews.com

StockNews.com cut shares of Fortinet (NASDAQ:FTNT) from a buy rating to a hold rating in a research report released on Thursday morning.

FTNT has been the topic of a number of other reports. Rosenblatt Securities dropped their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Citigroup boosted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Morgan Stanley reduced their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $72.71.

Fortinet Trading Down 1.5 %

Fortinet stock opened at $80.86 on Thursday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a market cap of $61.77 billion, a PE ratio of 52.85, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The stock has a 50-day moving average of $76.55 and a two-hundred day moving average of $66.57. Fortinet has a one year low of $44.12 and a one year high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. On average, research analysts anticipate that Fortinet will post 1.74 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Parallel Advisors LLC raised its stake in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the period. Simplicity Wealth LLC grew its position in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares during the last quarter. Werlinich Asset Management LLC raised its position in Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC lifted its stake in shares of Fortinet by 0.9% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after purchasing an additional 185 shares during the last quarter. 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.