Fortinet, Inc. (NASDAQ:FTNT) Receives Average Rating of “Hold” from Brokerages

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received an average rating of “Hold” from the thirty-two brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, nineteen have assigned a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $103.72.

Several research analysts have issued reports on FTNT shares. Rosenblatt Securities raised their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Cantor Fitzgerald upped their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company boosted their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th.

Fortinet Stock Down 0.1 %

FTNT stock opened at $106.48 on Wednesday. Fortinet has a 52 week low of $54.57 and a 52 week high of $114.82. The business has a 50-day simple moving average of $101.69 and a 200 day simple moving average of $90.45. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $81.88 billion, a PE ratio of 47.12, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,120 shares of company stock worth $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the company. First Hawaiian Bank purchased a new position in shares of Fortinet during the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI boosted its stake in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares during the period. Apollon Wealth Management LLC grew its position in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares in the last quarter. Trilogy Capital Inc. raised its holdings in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after acquiring an additional 169,530 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.