Fortinet (NASDAQ:FTNT) Receives “Neutral” Rating from Robert W. Baird

Robert W. Baird reiterated their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a research report released on Monday morning, MarketBeat Ratings reports. They currently have a $112.00 price objective on the software maker’s stock, up from their prior price objective of $105.00.

FTNT has been the topic of a number of other reports. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $100.00 to $120.00 in a report on Monday, January 6th. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Stifel Nicolaus upped their price target on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $97.23.

Fortinet Stock Up 0.0 %

Fortinet stock opened at $100.90 on Monday. The company’s 50-day moving average price is $96.57 and its two-hundred day moving average price is $83.61. The stock has a market cap of $77.34 billion, a price-to-earnings ratio of 50.96, a PEG ratio of 2.65 and a beta of 1.00. Fortinet has a 52 week low of $54.57 and a 52 week high of $102.87. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, analysts expect that Fortinet will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. FMR LLC grew its holdings in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the last quarter. State Street Corp increased its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC raised its stake in Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its holdings in Fortinet by 1,084.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after purchasing an additional 601,801 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

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.