Scotiabank Trims Fortinet (NASDAQ:FTNT) Target Price to $80.00

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

A number of other equities research analysts have also weighed in on the company. Royal Bank of Canada lowered their price objective on Fortinet from $71.00 to $68.00 and set a sector perform rating for the company in a research note on Friday. Truist Financial lowered their price objective on Fortinet from $80.00 to $70.00 and set a buy rating for the company in a research note on Friday. HSBC lowered Fortinet from a hold rating to a reduce rating and set a $57.00 price objective for the company. in a research note on Wednesday, February 7th. Susquehanna reiterated a neutral rating and issued a $80.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Finally, Rosenblatt Securities reiterated a buy rating and issued a $85.00 target price on shares of Fortinet in a research report on Friday. Two research 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. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $70.37.

Fortinet Price Performance

Shares of FTNT traded down $0.07 during trading hours on Friday, reaching $58.81. 14,471,111 shares of the company traded hands, compared to its average volume of 5,978,480. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $44.89 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.60 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 stock has a fifty day simple moving average of $67.53 and a 200 day simple moving average of $61.95.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating 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 business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the company earned $0.29 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, research analysts predict that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, 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 owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock worth $8,021,556 over the last 90 days. 17.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. grew its stake in shares of Fortinet by 220.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 34,378 shares of the software maker’s stock valued at $2,348,000 after purchasing an additional 23,643 shares during the period. Valley Wealth Managers Inc. grew its stake in shares of Fortinet by 18.5% in the 1st quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock valued at $382,000 after purchasing an additional 871 shares during the period. Signaturefd LLC grew its position in Fortinet by 42.0% during the 1st quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after acquiring an additional 4,461 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in Fortinet during the 1st quarter worth approximately $14,847,000. Finally, GSA Capital Partners LLP bought a new stake in Fortinet during the 1st quarter worth approximately $569,000. 83.71% of the stock is currently owned by 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.