Jefferies Financial Group Cuts Fortinet (NASDAQ:FTNT) Price Target to $80.00

Fortinet (NASDAQ:FTNT) had its target price trimmed by Jefferies Financial Group from $85.00 to $80.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

A number of other brokerages also recently commented on FTNT. Mizuho decreased their price target on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research report on Thursday. Cantor Fitzgerald upped their price objective on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target on shares of Fortinet in a report on Thursday. Finally, TD Cowen reduced their price target on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday. Two 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $92.48.

Fortinet Stock Up 1.6%

FTNT opened at $81.79 on Thursday. Fortinet has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm has a market capitalization of $62.67 billion, a P/E ratio of 32.59, a PEG ratio of 3.17 and a beta of 1.08. The company’s 50-day moving average is $83.16 and its 200 day moving average is $93.10. 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 issued its quarterly earnings data 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 net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm posted $0.63 EPS. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Research analysts expect that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Activity

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 completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 3,546 shares of Fortinet 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 completion of the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. The trade was a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FTNT. Brighton Jones LLC raised its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares during the period. Bison Wealth LLC purchased a new position in shares of Fortinet in the fourth quarter valued at $585,000. OneDigital Investment Advisors LLC grew its position in shares of Fortinet by 20.6% in the first quarter. OneDigital Investment Advisors LLC now owns 6,438 shares of the software maker’s stock valued at $620,000 after purchasing an additional 1,099 shares in the last quarter. World Investment Advisors raised its stake 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 valued at $362,000 after purchasing an additional 644 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in Fortinet by 2.5% during the 1st quarter. Brown Advisory Inc. now owns 106,280 shares of the software maker’s stock worth $10,231,000 after purchasing an additional 2,544 shares in the last quarter. 83.71% of the stock is 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.