Fortinet (NASDAQ:FTNT) Given Buy Rating at Rosenblatt Securities

Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by equities research analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They currently have a $125.00 price target on the software maker’s stock. Rosenblatt Securities’ price target indicates a potential upside of 22.61% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley reduced their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus decreased their price target on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. BMO Capital Markets reduced their target price on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research note on Thursday, May 8th. UBS Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. Finally, KeyCorp decreased their price objective on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.80.

Fortinet Stock Up 1.1%

FTNT opened at $101.95 on Tuesday. Fortinet has a 52 week low of $54.57 and a 52 week high of $114.82. 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 firm has a 50-day simple moving average of $101.66 and a two-hundred day simple moving average of $100.19. The company has a market capitalization of $78.03 billion, a PE ratio of 45.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the company earned $0.43 EPS. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. Analysts forecast that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently modified their holdings of the business. First Hawaiian Bank boosted its position in Fortinet by 24.1% during the first quarter. First Hawaiian Bank now owns 8,805 shares of the software maker’s stock worth $848,000 after acquiring an additional 1,709 shares during the last quarter. Inspire Investing LLC lifted its position in Fortinet by 11.7% during the first quarter. Inspire Investing LLC now owns 79,129 shares of the software maker’s stock worth $7,617,000 after buying an additional 8,292 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Fortinet by 24.4% during the first quarter. Jones Financial Companies Lllp now owns 461,523 shares of the software maker’s stock worth $44,552,000 after buying an additional 90,456 shares during the last quarter. Strs Ohio purchased a new stake in Fortinet in the 1st quarter valued at $14,627,000. Finally, Ellsworth Advisors LLC acquired a new stake in shares of Fortinet in the 1st quarter worth $4,804,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.