Fortinet (NASDAQ:FTNT) Given Neutral Rating at Guggenheim

Guggenheim restated their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a report released on Friday,Benzinga reports.

Several other analysts have also weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. TD Cowen boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Mizuho lifted their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Finally, Wedbush lifted their price objective on Fortinet from $90.00 to $105.00 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, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $101.43.

Fortinet Trading Up 2.8 %

Shares of NASDAQ:FTNT opened at $107.66 on Friday. Fortinet has a 52-week low of $54.57 and a 52-week high of $110.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $82.52 billion, a P/E ratio of 47.64, a P/E/G ratio of 2.75 and a beta of 1.01. The stock’s 50-day moving average is $97.38 and its 200-day moving average is $84.56.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities research analysts predict that Fortinet will post 2.05 earnings per share for the current year.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $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 have sold 67,860 shares of company stock valued at $6,469,056 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Hedge funds have recently modified their holdings of the stock. FMR LLC raised its holdings in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Amundi increased its position in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after acquiring an additional 1,682,708 shares during the last quarter. State Street Corp lifted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Fortinet during the 4th quarter valued at about $69,381,000. Institutional investors own 83.71% of the company’s stock.

About Fortinet

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.