Royal Bank of Canada Trims Fortinet (NASDAQ:FTNT) Target Price to $68.00

Fortinet (NASDAQ:FTNT) had its target price lowered by Royal Bank of Canada from $71.00 to $68.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a sector perform rating on the software maker’s stock.

Several other research firms have also issued reports on FTNT. Cantor Fitzgerald cut their target price on Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a research note on Friday. Robert W. Baird cut their target price on Fortinet from $81.00 to $75.00 and set an outperform rating on the stock in a research note on Friday. StockNews.com lowered Fortinet from a buy rating to a hold rating in a research note on Thursday, April 18th. Wells Fargo & Company lifted their target price on Fortinet from $65.00 to $70.00 and gave the company an equal weight rating in a research note on Wednesday, February 7th. Finally, DZ Bank lowered Fortinet from a hold rating to a sell rating and set a $60.00 target price on the stock. in a research note on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Trading Down 0.1 %

FTNT traded down $0.07 during trading on Friday, reaching $58.81. The company had a trading volume of 14,471,111 shares, compared to its average volume of 5,978,480. The stock has a market cap of $44.89 billion, a P/E ratio of 38.48, a PEG ratio of 2.60 and a beta of 1.08. The business has a 50 day simple moving average of $67.53 and a 200-day simple moving average of $61.95. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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 2,235.48% and a net margin of 22.23%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the company earned $0.29 earnings per share. Fortinet’s revenue was up 7.2% on a year-over-year basis. On average, equities analysts anticipate that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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. Over the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in FTNT. Vima LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Headinvest LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $32,000. 83.71% of the stock is currently 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.