Piper Sandler Lowers Fortinet (NASDAQ:FTNT) Price Target to $85.00

Fortinet (NASDAQ:FTNT) had its target price decreased by research analysts at Piper Sandler from $90.00 to $85.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target would indicate a potential upside of 6.06% from the company’s previous close.

Other research analysts have also issued research reports about the company. Royal Bank Of Canada cut their price target on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. Mizuho reduced their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. reduced their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. TD Cowen reissued a “hold” rating and issued a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Finally, Barclays reduced their target price on Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.30.

Fortinet Stock Performance

NASDAQ FTNT traded down $5.84 during trading hours on Thursday, reaching $80.15. The stock had a trading volume of 5,683,533 shares, compared to its average volume of 5,555,216. Fortinet has a 52-week low of $70.12 and a 52-week high of $114.82. The stock has a market cap of $61.41 billion, a P/E ratio of 31.95, a price-to-earnings-growth 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. The stock has a fifty day moving average of $83.07 and a 200 day moving average of $93.28.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter last year, the company earned $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. Sell-side analysts predict that Fortinet will post 2.09 earnings per share for the current year.

Insider Activity

In related news, 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 transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of FTNT. Saudi Central Bank bought a new stake in shares of Fortinet during the first quarter worth $25,000. LSV Asset Management acquired a new position in Fortinet in the second quarter valued at $25,000. Financial Consulate Inc. acquired a new position in Fortinet in the third quarter valued at $25,000. Steigerwald Gordon & Koch Inc. acquired a new position in Fortinet in the third quarter valued at $25,000. Finally, Clearstead Trust LLC acquired a new position in shares of Fortinet during the first quarter valued at about $28,000. 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.