Rosenblatt Securities Reiterates “Neutral” Rating for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reaffirmed by equities researchers at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They currently have a $85.00 price target on the software maker’s stock. Rosenblatt Securities’ price objective points to a potential downside of 1.15% from the company’s previous close.

FTNT has been the topic of a number of other research reports. Stifel Nicolaus cut their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Truist Financial cut their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. BMO Capital Markets cut their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Mizuho cut their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research report on Thursday, August 7th. Finally, Wedbush cut their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Price Performance

Fortinet stock opened at $85.99 on Thursday. The company has a market cap of $65.89 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 3.17 and a beta of 1.09. The firm’s fifty day moving average is $83.07 and its 200 day moving average is $93.28. 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.

Fortinet (NASDAQ:FTNT) last released 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 company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts forecast that Fortinet will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the 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 directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management bought a new position in Fortinet during the 2nd quarter worth about $25,000. Saudi Central Bank bought a new stake in shares of Fortinet in the 1st quarter valued at about $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares in the last quarter. Finally, Financial Consulate Inc. bought a new stake in shares of Fortinet in the 3rd quarter valued at about $25,000. 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.