Fortinet (NASDAQ:FTNT) Rating Lowered to Hold at Daiwa America

Fortinet (NASDAQ:FTNT) was downgraded by Daiwa America from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

A number of other analysts have also commented on the stock. Cantor Fitzgerald boosted their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Scotiabank reduced their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a report on Thursday, August 7th. Barclays decreased their target price on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. Robert W. Baird cut their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Finally, Mizuho decreased their price objective on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $91.62.

Fortinet Stock Performance

Shares of FTNT opened at $82.14 on Wednesday. Fortinet has a one year low of $70.12 and a one year high of $114.82. The company has a market cap of $61.08 billion, a PE ratio of 32.73, a P/E/G ratio of 3.17 and a beta of 1.08. The stock has a 50-day moving average of $83.47 and a 200-day moving average of $92.74. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts predict that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by insiders.

Institutional Trading of Fortinet

A number of large investors have recently bought and sold shares of FTNT. LSV Asset Management bought a new position in shares of Fortinet during the 2nd quarter worth $25,000. Saudi Central Bank purchased a new stake in Fortinet during the first quarter valued at about $25,000. Clearstead Trust LLC bought a new position in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. Finally, Pinnacle Holdings LLC bought a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. 83.71% of the stock is owned by hedge funds and other 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.