Guggenheim reiterated their neutral rating on shares of Fortinet (NASDAQ:FTNT – Free Report) in a research note issued to investors on Friday,Benzinga reports.
FTNT has been the topic of several other research reports. Scotiabank upped their price target on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Tuesday. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company increased their price objective on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Robert W. Baird increased their price target on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $96.83.
View Our Latest Report on Fortinet
Fortinet Price Performance
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the business earned $0.35 EPS. Research analysts predict that Fortinet will post 1.95 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Fortinet news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by company insiders.
Institutional Trading of Fortinet
Hedge funds have recently made changes to their positions in the business. Eastern Bank bought a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. City State Bank increased its position in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet in the third quarter valued at $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
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.
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