Fortinet’s (FTNT) “Neutral” Rating Reiterated at Robert W. Baird

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reaffirmed by analysts at Robert W. Baird in a research note issued on Monday,Benzinga reports. They currently have a $112.00 target price on the software maker’s stock, up from their previous target price of $105.00. Robert W. Baird’s target price suggests a potential upside of 11.02% from the company’s current price.

FTNT has been the subject of several other reports. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Morgan Stanley upped their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. Finally, Stifel Nicolaus upped their price target on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $97.23.

Fortinet Stock Down 0.0 %

Shares of FTNT opened at $100.88 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a one year low of $54.57 and a one year high of $102.87. The stock has a market capitalization of $77.32 billion, a price-to-earnings ratio of 50.95, a PEG ratio of 2.65 and a beta of 1.01. The stock has a 50 day moving average price of $96.42 and a 200 day moving average price of $83.31.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the prior year, the business earned $0.35 EPS. Equities research analysts forecast that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in the company. Manchester Capital Management LLC grew its position in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the period. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the period. Sheaff Brock Investment Advisors LLC grew its position in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the period. Versant Capital Management Inc grew its position in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Finally, Diversified Trust Co lifted its stake in shares of Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares in 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.