Fortinet (FTNT) Downgraded by Cowen to “Market Perform”

Cowen cut shares of Fortinet (NASDAQ:FTNT) from an outperform rating to a market perform rating in a report published on Tuesday, Marketbeat reports. The analysts noted that the move was a valuation call.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Fortinet from a hold rating to a buy rating and set a $57.00 target price for the company in a research report on Tuesday, March 6th. Monness Crespi & Hardt reaffirmed a buy rating and issued a $56.00 target price (up previously from $50.00) on shares of Fortinet in a research report on Wednesday, February 28th. UBS Group lifted their target price on shares of Fortinet from $50.00 to $62.00 and gave the stock a buy rating in a research report on Wednesday, March 21st. ValuEngine raised shares of Fortinet from a hold rating to a buy rating in a research report on Wednesday, April 4th. Finally, Bank of America lifted their target price on shares of Fortinet from $57.00 to $63.00 and gave the stock a buy rating in a research report on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Fortinet presently has an average rating of Buy and a consensus target price of $55.55.

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NASDAQ:FTNT opened at $64.32 on Tuesday. Fortinet has a 12 month low of $35.44 and a 12 month high of $66.32. The company has a market capitalization of $10.97 billion, a price-to-earnings ratio of 123.69, a P/E/G ratio of 4.45 and a beta of 0.76.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 3rd. The software maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. Fortinet had a net margin of 4.01% and a return on equity of 14.64%. The business had revenue of $399.00 million during the quarter, compared to the consensus estimate of $390.60 million. During the same quarter in the previous year, the firm posted $0.17 EPS. The firm’s revenue was up 17.1% on a year-over-year basis. equities analysts expect that Fortinet will post 0.88 earnings per share for the current year.

In related news, CEO Ken Xie sold 50,000 shares of Fortinet stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $60.51, for a total transaction of $3,025,500.00. Following the transaction, the chief executive officer now owns 12,562,906 shares in the company, valued at approximately $760,181,442.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Monday, June 18th. The shares were sold at an average price of $64.98, for a total transaction of $81,225.00. Following the transaction, the vice president now owns 9,309 shares in the company, valued at approximately $604,898.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,214 shares of company stock worth $5,052,515. 17.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its stake in shares of Fortinet by 6.5% during the 1st quarter. Amalgamated Bank now owns 32,636 shares of the software maker’s stock valued at $1,749,000 after buying an additional 1,983 shares in the last quarter. Front Row Advisors LLC lifted its stake in shares of Fortinet by 5.8% during the 1st quarter. Front Row Advisors LLC now owns 18,767 shares of the software maker’s stock valued at $1,006,000 after buying an additional 1,032 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in shares of Fortinet by 6.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 14,953 shares of the software maker’s stock valued at $801,000 after buying an additional 902 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Fortinet by 45.5% during the 1st quarter. Royal Bank of Canada now owns 332,053 shares of the software maker’s stock valued at $17,792,000 after buying an additional 103,823 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Fortinet by 171.7% during the 1st quarter. Legal & General Group Plc now owns 624,314 shares of the software maker’s stock valued at $33,451,000 after buying an additional 394,553 shares in the last quarter. Institutional investors own 69.12% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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