Fortinet (NASDAQ:FTNT) Given New $85.00 Price Target at JPMorgan Chase & Co.

Fortinet (NASDAQ:FTNT) had its price objective trimmed by JPMorgan Chase & Co. from $87.00 to $85.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

A number of other research firms also recently commented on FTNT. Wells Fargo & Company dropped their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Mizuho reduced their target price on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a report on Thursday. Finally, DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.57.

Fortinet Stock Up 1.6%

Shares of NASDAQ FTNT traded up $1.25 during midday trading on Thursday, hitting $81.79. 7,147,823 shares of the company’s stock were exchanged, compared to its average volume of 5,602,864. The firm’s fifty day simple moving average is $83.10 and its 200-day simple moving average is $93.19. The company has a market cap of $62.67 billion, a PE ratio of 32.59, a P/E/G ratio of 3.17 and a beta of 1.08. Fortinet has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

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

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Fortinet by 6.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after buying an additional 82,937 shares during the period. Warther Private Wealth LLC boosted its holdings in Fortinet by 39.7% in the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after acquiring an additional 51,750 shares during the last quarter. Cooper Financial Group purchased a new stake in Fortinet during the second quarter valued at about $2,653,000. Mainstay Capital Management LLC ADV increased its stake in Fortinet by 105.8% during the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after acquiring an additional 8,643 shares during the last quarter. Finally, Motley Fool Asset Management LLC raised its holdings in shares of Fortinet by 15.0% in the 2nd quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock worth $5,335,000 after purchasing an additional 6,566 shares during the period. Hedge funds and other 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.