Fortinet (NASDAQ:FTNT) Price Target Cut to $115.00 by Analysts at Scotiabank

Fortinet (NASDAQ:FTNT) had its target price reduced by Scotiabank from $135.00 to $115.00 in a research report released on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the software maker’s stock.

A number of other brokerages also recently issued reports on FTNT. Royal Bank of Canada boosted their price objective on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. BMO Capital Markets reduced their price target on Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday. Roth Capital set a $103.00 price objective on Fortinet and gave the stock a “neutral” rating in a research note on Tuesday, April 22nd. Morgan Stanley cut their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.80.

Fortinet Trading Down 0.3 %

FTNT opened at $97.42 on Thursday. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market capitalization of $74.50 billion, a PE ratio of 43.11, a P/E/G ratio of 4.19 and a beta of 1.16. The company’s 50-day moving average is $98.26 and its 200 day moving average is $97.47.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 earnings per share. As a group, research analysts predict that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently made changes to their positions in the company. First Hawaiian Bank bought a new position in Fortinet during the fourth quarter valued at about $670,000. LVM Capital Management Ltd. MI increased its holdings in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares during the period. Trilogy Capital Inc. lifted its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. raised its position in Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC acquired a new stake in Fortinet during the 4th quarter worth $1,690,000. 83.71% of the stock is currently owned by 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.