Fortinet (NASDAQ:FTNT) Price Target Lowered to $66.00 at Mizuho

Fortinet (NASDAQ:FTNT) had its target price lowered by Mizuho from $70.00 to $66.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Needham & Company LLC reiterated a hold rating on shares of Fortinet in a research report on Friday. Wells Fargo & Company increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Susquehanna reaffirmed a neutral rating and issued a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Wedbush reiterated an outperform rating and issued a $86.00 target price on shares of Fortinet in a research report on Wednesday. Finally, The Goldman Sachs Group raised their price target on Fortinet from $60.00 to $85.00 and gave the company a buy rating in a report on Thursday, February 8th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $70.68.

Fortinet Price Performance

Shares of FTNT traded down $6.32 during trading hours on Friday, reaching $58.88. 15,896,615 shares of the stock traded hands, compared to its average volume of 4,338,557. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a market cap of $44.94 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The company’s 50-day moving average price is $67.53 and its two-hundred day moving average price is $61.90.

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

Insider Activity at Fortinet

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FTNT. Commonwealth Equity Services LLC lifted its holdings in shares of Fortinet by 7.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock valued at $7,577,000 after purchasing an additional 8,402 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Fortinet by 26.6% during the third quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock valued at $335,000 after acquiring an additional 1,201 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Fortinet by 5.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock valued at $7,220,000 after acquiring an additional 6,815 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its position in shares of Fortinet by 1.3% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 321,490 shares of the software maker’s stock valued at $18,865,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Forsta AP Fonden lifted its stake in shares of Fortinet by 3.7% during the third 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 period. 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.