Jefferies Financial Group Cuts Fortinet (NASDAQ:FTNT) Price Target to $105.00

Fortinet (NASDAQ:FTNT) had its price target reduced by Jefferies Financial Group from $115.00 to $105.00 in a research report sent to investors on Monday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker’s stock.

Several other brokerages also recently weighed in on FTNT. Morgan Stanley assumed coverage on Fortinet in a research note on Tuesday, March 18th. They set an “overweight” rating and a $123.00 target price on the stock. Citigroup raised their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. JPMorgan Chase & Co. increased their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, Mizuho increased their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $105.77.

Fortinet Stock Up 1.5 %

NASDAQ FTNT opened at $98.08 on Monday. Fortinet has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a 50 day moving average price of $102.99 and a 200-day moving average price of $93.71. The company has a market capitalization of $75.42 billion, a P/E ratio of 43.40, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, equities analysts predict that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of the business. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the fourth quarter valued at $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC acquired a new stake in Fortinet during the fourth quarter worth approximately $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet during the fourth quarter worth approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $46,000. 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.