KeyCorp Issues Pessimistic Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target trimmed by KeyCorp from $120.00 to $115.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other equities research analysts have also recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. UBS Group set a $123.00 price target on Fortinet in a research note on Tuesday, March 18th. Citigroup increased their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.80.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.42 on Thursday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market cap of $74.50 billion, a price-to-earnings ratio of 43.11, a P/E/G ratio of 4.19 and a beta of 1.16. The stock’s fifty day moving average price is $98.26 and its two-hundred day moving average price is $97.47. Fortinet has a one year low of $54.57 and a one year high of $114.82.

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

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. This represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 738,978 shares of company stock worth $74,135,907. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Fortinet in the 4th quarter worth about $724,048,000. Schroder Investment Management Group acquired a new stake in Fortinet during the fourth quarter worth approximately $389,867,000. Vanguard Group Inc. increased its holdings in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. FMR LLC lifted its stake in Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after buying an additional 2,846,475 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Institutional investors and hedge funds 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.