Fortinet (NASDAQ:FTNT) Receives Neutral Rating from Guggenheim

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reaffirmed by analysts at Guggenheim in a research report issued on Friday,Benzinga reports.

FTNT has been the topic of a number of other research reports. Rosenblatt Securities increased their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Robert W. Baird restated a “neutral” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research report on Monday. Finally, The Goldman Sachs Group raised their target price on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $99.63.

Fortinet Stock Up 1.6 %

NASDAQ:FTNT traded up $1.71 during trading hours on Friday, hitting $106.43. 5,485,457 shares of the company traded hands, compared to its average volume of 4,266,027. Fortinet has a one year low of $54.57 and a one year high of $110.53. The firm’s 50-day simple moving average is $97.13 and its 200-day simple moving average is $84.21. The company has a market cap of $81.57 billion, a PE ratio of 53.60, a PEG ratio of 2.65 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. Equities analysts predict that Fortinet will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by insiders.

Institutional Trading of Fortinet

A number of institutional investors have recently modified their holdings of the company. Personal CFO Solutions LLC acquired a new stake in shares of Fortinet during the 4th quarter worth $274,000. Amundi grew its holdings in Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the period. Permanent Capital Management LP bought a new position in shares of Fortinet in the 4th quarter worth $345,000. Dorsey & Whitney Trust CO LLC lifted its position in shares of Fortinet by 5.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,748 shares of the software maker’s stock worth $638,000 after buying an additional 346 shares in the last quarter. Finally, Marble Harbor Investment Counsel LLC bought a new position in Fortinet during the fourth quarter valued at about $236,000. 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.