Fortinet’s (FTNT) “Neutral” Rating Reaffirmed at Guggenheim

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

A number of other equities research analysts have also weighed in on FTNT. Royal Bank of Canada boosted their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Scotiabank upped their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Tuesday, January 21st. Rosenblatt Securities raised their price target on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Finally, UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $96.83.

Fortinet Trading Down 0.6 %

NASDAQ:FTNT opened at $96.90 on Friday. The stock has a market capitalization of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. Fortinet has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $95.70 and a 200 day moving average of $81.90.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the business posted $0.35 EPS. As a group, sell-side analysts anticipate that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was bought at an average cost 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 approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its position in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares during the period. Finally, FMR LLC boosted its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. Hedge funds and other institutional investors 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.