Fortinet’s (FTNT) Neutral Rating Reiterated at Robert W. Baird

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

Other equities analysts have also recently issued research reports about the stock. Bank of America raised their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Scotiabank raised their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday, January 21st. Barclays raised their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $97.73.

Fortinet Stock Performance

Shares of FTNT stock opened at $105.07 on Monday. The firm’s 50 day moving average price is $96.92 and its 200-day moving average price is $84.07. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a one year low of $54.57 and a one year high of $105.12. The firm has a market cap of $80.53 billion, a P/E ratio of 53.07, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results 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 net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the company posted $0.35 EPS. As a group, equities research analysts predict that Fortinet will post 1.95 EPS for the current year.

Insider Activity

In other news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank grew its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.