Jefferies Financial Group Lowers Fortinet (NASDAQ:FTNT) Price Target to $105.00

Fortinet (NASDAQ:FTNT) had its target price decreased by Jefferies Financial Group from $115.00 to $105.00 in a research report released on Monday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker’s stock.

A number of other brokerages also recently weighed in on FTNT. UBS Group set a $123.00 target price on Fortinet in a report on Tuesday, March 18th. Scotiabank increased their target price on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. Royal Bank of Canada upped their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, Cantor Fitzgerald boosted their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $105.77.

Fortinet Stock Performance

FTNT opened at $98.08 on Monday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market cap of $75.42 billion, a P/E ratio of 43.40, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business’s fifty day moving average is $102.99 and its 200-day moving average is $93.71.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 29.30% and a return on equity of 256.53%. Sell-side analysts expect that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Manchester Capital Management LLC boosted its holdings in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its stake in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the period. Fielder Capital Group LLC boosted its holdings in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares during the last quarter. 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 buying an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC increased its holdings in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after buying an additional 116 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

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.