Robert W. Baird Lowers Fortinet (NASDAQ:FTNT) Price Target to $75.00

Fortinet (NASDAQ:FTNT) had its price target decreased by Robert W. Baird from $81.00 to $75.00 in a research note published on Friday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on FTNT. Piper Sandler restated a neutral rating and set a $75.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Jefferies Financial Group lowered their target price on Fortinet from $75.00 to $70.00 and set a hold rating on the stock in a research note on Thursday, April 18th. BMO Capital Markets lifted their target price on Fortinet from $70.00 to $82.00 and gave the stock a market perform rating in a research note on Wednesday, February 7th. Citigroup cut Fortinet from a buy rating to a neutral rating and lifted their target price for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Finally, HSBC cut Fortinet from a hold rating to a reduce rating and set a $57.00 target price on the stock. in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of Hold and an average target price of $70.68.

Fortinet Trading Down 9.7 %

Shares of FTNT stock traded down $6.32 during trading hours on Friday, hitting $58.88. 15,896,615 shares of the company were exchanged, compared to its average volume of 4,338,557. The firm has a market cap of $44.94 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.89 and a beta of 1.08. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a 50 day simple moving average of $67.53 and a two-hundred day simple moving average of $61.90.

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

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated 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 directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Commonwealth Equity Services LLC lifted its position in Fortinet by 7.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock worth $7,577,000 after buying an additional 8,402 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Fortinet by 26.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock worth $335,000 after buying an additional 1,201 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Fortinet by 5.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock worth $7,220,000 after buying an additional 6,815 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in Fortinet by 1.3% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 321,490 shares of the software maker’s stock worth $18,865,000 after buying an additional 4,000 shares during the last quarter. Finally, Forsta AP Fonden lifted its position in Fortinet by 3.7% in the 3rd quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock worth $7,898,000 after buying an additional 4,800 shares during the last quarter. 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.