Fortinet (NASDAQ:FTNT) Earns Neutral Rating from Guggenheim

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reiterated by equities researchers at Guggenheim in a research note issued on Friday,Benzinga reports.

Several other equities analysts have also recently issued reports on the company. The Goldman Sachs Group boosted their price target on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $99.63.

Fortinet Stock Performance

Shares of FTNT traded up $1.71 during trading hours on Friday, hitting $106.43. The stock had a trading volume of 5,485,457 shares, compared to its average volume of 4,266,027. The firm has a market capitalization of $81.57 billion, a price-to-earnings ratio of 53.60, a PEG ratio of 2.65 and a beta of 1.01. The firm has a 50-day moving average price of $97.13 and a 200 day moving average price of $84.21. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $110.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. As a group, research analysts anticipate that Fortinet will post 1.95 EPS for the current year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors have recently bought and sold shares of the business. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter valued at $46,000. Finally, City State Bank raised its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

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.