Fortinet (NASDAQ:FTNT) Given New $80.00 Price Target at Scotiabank

Fortinet (NASDAQ:FTNT) had its price objective lowered by Scotiabank from $90.00 to $80.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the software maker’s stock.

Other analysts have also issued research reports about the company. Robert W. Baird decreased their price objective on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a report on Friday. Needham & Company LLC restated a hold rating on shares of Fortinet in a research note on Friday. Citigroup lowered shares of Fortinet from a buy rating to a neutral rating and increased their price objective for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Wells Fargo & Company boosted their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Finally, Morgan Stanley decreased their price target on shares of Fortinet from $81.00 to $73.00 and set an overweight rating for the company in a report on Friday. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $70.68.

Fortinet Stock Down 9.7 %

NASDAQ:FTNT traded down $6.32 during mid-day trading on Friday, reaching $58.88. The company’s stock had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The stock has a fifty day moving average of $67.53 and a 200-day moving average of $61.90. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 EPS. Equities research analysts forecast that Fortinet will post 1.39 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 over the last quarter. 17.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vima LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $25,000. Rise Advisors LLC boosted its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Headinvest LLC acquired a new position in shares of Fortinet during the third quarter worth about $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.