Barclays Lowers Fortinet (NASDAQ:FTNT) Price Target to $88.00

Fortinet (NASDAQ:FTNT) had its target price dropped by equities researchers at Barclays from $90.00 to $88.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price target points to a potential upside of 10.63% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a report on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Scotiabank reduced their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Friday, August 8th. Finally, Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $96.97.

Fortinet Price Performance

Fortinet stock traded down $6.44 during midday trading on Thursday, hitting $79.55. 2,949,783 shares of the company’s stock were exchanged, compared to its average volume of 5,536,659. The stock has a 50-day moving average price of $83.07 and a two-hundred day moving average price of $93.28. Fortinet has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a market cap of $60.95 billion, a P/E ratio of 31.69, a PEG ratio of 3.17 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts forecast that Fortinet will post 2.09 earnings per share for the current year.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently made changes to their positions in the company. Dover Advisors LLC lifted its position in Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after buying an additional 94 shares during the period. Balboa Wealth Partners increased its stake in shares of Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after acquiring an additional 96 shares in the last quarter. Hemington Wealth Management lifted its position in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares during the period. Peloton Wealth Strategists boosted its stake in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after acquiring an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont grew its holdings in Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the period. 83.71% of the stock is currently owned by institutional investors.

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.