Mizuho Lowers Fortinet (NASDAQ:FTNT) Price Target to $72.00

Fortinet (NASDAQ:FTNT) had its target price cut by Mizuho from $75.00 to $72.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the software maker’s stock. Mizuho’s target price suggests a potential downside of 11.97% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on FTNT. Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Robert W. Baird decreased their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a report on Thursday. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. TD Cowen restated a “hold” rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their price objective on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $92.48.

Fortinet Price Performance

NASDAQ:FTNT opened at $81.79 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet has a 52 week low of $70.12 and a 52 week high of $114.82. The stock’s 50-day moving average price is $83.16 and its 200-day moving average price is $93.11. The stock has a market capitalization of $62.67 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08.

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, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the business posted $0.63 earnings per share. Fortinet’s revenue for the quarter 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. As a group, equities analysts expect that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The stock was 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 approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction 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 transaction, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Brighton Jones LLC grew its holdings in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $585,000. OneDigital Investment Advisors LLC grew its stake in shares of Fortinet by 20.6% in the 1st quarter. OneDigital Investment Advisors LLC now owns 6,438 shares of the software maker’s stock valued at $620,000 after buying an additional 1,099 shares during the period. World Investment Advisors increased its holdings in shares of Fortinet by 20.7% during the 1st quarter. World Investment Advisors now owns 3,758 shares of the software maker’s stock worth $362,000 after buying an additional 644 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in shares of Fortinet by 2.5% during the 1st quarter. Brown Advisory Inc. now owns 106,280 shares of the software maker’s stock valued at $10,231,000 after buying an additional 2,544 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.