Fortinet (NASDAQ:FTNT) Stock Rating Reaffirmed by Guggenheim

Guggenheim restated their buy rating on shares of Fortinet (NASDAQ:FTNT) in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a $81.00 price objective on the software maker’s stock.

A number of other equities analysts have also issued reports on the stock. Needham & Company LLC restated a hold rating on shares of Fortinet in a research report on Tuesday, June 11th. Morgan Stanley reduced their price objective on Fortinet from $81.00 to $73.00 and set an overweight rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. dropped their target price on Fortinet from $67.00 to $63.00 and set a neutral rating on the stock in a report on Friday, May 3rd. StockNews.com cut shares of Fortinet from a buy rating to a hold rating in a research note on Saturday, June 22nd. Finally, Jefferies Financial Group cut their price target on shares of Fortinet from $75.00 to $70.00 and set a hold rating for the company in a report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $70.03.

Fortinet Stock Performance

Shares of FTNT opened at $60.27 on Tuesday. The company has a market capitalization of $46.04 billion, a price-to-earnings ratio of 39.39, a price-to-earnings-growth ratio of 2.84 and a beta of 0.98. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The stock has a 50 day moving average price of $60.58 and a 200 day moving average price of $63.66.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm posted $0.29 EPS. The company’s revenue was up 7.2% on a year-over-year basis. Research analysts predict that Fortinet will post 1.46 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,235 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director William H. Neukom purchased 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. Massmutual Trust Co. FSB ADV lifted its position in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its position in Fortinet by 0.9% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares during the last quarter. Buckhead Capital Management LLC grew its stake in shares of Fortinet by 0.6% during the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after acquiring an additional 187 shares in the last quarter. STF Management LP lifted its stake in shares of Fortinet by 1.5% in the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after acquiring an additional 187 shares in the last quarter. Finally, Johnson Investment Counsel Inc. boosted its holdings in Fortinet by 1.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after purchasing an additional 200 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.