Fortinet (NASDAQ:FTNT) Stock Rating Lowered by BidaskClub

Fortinet (NASDAQ:FTNT) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, BidAskClub reports.

A number of other equities research analysts also recently commented on FTNT. ValuEngine downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Cowen started coverage on shares of Fortinet in a research report on Thursday, May 23rd. They issued a “market perform” rating and a $85.00 price objective for the company. Morgan Stanley raised their price objective on shares of Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America upgraded shares of Fortinet from a “neutral” rating to a “buy” rating in a research report on Friday, August 2nd. Finally, Monness Crespi & Hardt restated a “buy” rating and issued a $102.00 price objective (up previously from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $87.96.

Shares of FTNT opened at $81.75 on Wednesday. Fortinet has a fifty-two week low of $64.41 and a fifty-two week high of $96.96. The company has a market capitalization of $13.62 billion, a price-to-earnings ratio of 72.35, a price-to-earnings-growth ratio of 3.63 and a beta of 1.08. The firm has a 50-day simple moving average of $83.13 and a 200-day simple moving average of $82.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The business had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Fortinet will post 1.42 earnings per share for the current fiscal year.

In other news, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the transaction, the chief executive officer now directly owns 12,523,273 shares of the company’s stock, valued at approximately $1,018,517,793.09. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the transaction, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,250 shares of company stock valued at $3,642,598. Insiders own 17.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Vestmark Advisory Solutions Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at $208,000. Maverick Capital Ltd. acquired a new position in shares of Fortinet in the 2nd quarter valued at $4,985,000. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Fortinet by 28.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,165 shares of the software maker’s stock valued at $2,856,000 after purchasing an additional 8,306 shares during the last quarter. Eaton Vance Management acquired a new position in shares of Fortinet in the 2nd quarter valued at $3,864,000. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of Fortinet by 287.2% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 204,148 shares of the software maker’s stock valued at $15,684,000 after purchasing an additional 151,423 shares during the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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