Fortinet (NASDAQ:FTNT) Downgraded to “Hold” at ValuEngine

ValuEngine downgraded shares of Fortinet (NASDAQ:FTNT) from a buy rating to a hold rating in a research note released on Monday morning, ValuEngine reports.

FTNT has been the subject of several other reports. Morgan Stanley dropped their target price on shares of Fortinet from $84.00 to $77.00 and set an equal weight rating for the company in a research report on Tuesday, June 11th. BidaskClub cut shares of Fortinet from a strong-buy rating to a buy rating in a research report on Thursday, July 25th. Stifel Nicolaus raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock a hold rating in a research report on Tuesday, April 16th. Monness Crespi & Hardt reaffirmed a buy rating and issued a $97.00 target price (up from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, Cowen initiated coverage on shares of Fortinet in a research report on Thursday, May 23rd. They issued a market perform rating and a $85.00 target price for the company. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $86.32.

Shares of NASDAQ:FTNT traded up $8.03 on Monday, hitting $87.05. The company had a trading volume of 3,350,360 shares, compared to its average volume of 1,309,077. The stock’s 50-day moving average is $80.57. Fortinet has a 1 year low of $64.41 and a 1 year high of $96.96. The company has a market cap of $14.08 billion, a price-to-earnings ratio of 77.04, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The firm had revenue of $521.70 million during the quarter, compared to analysts’ expectations of $511.38 million. During the same period last year, the company posted $0.41 EPS. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. Analysts expect that Fortinet will post 1.31 earnings per share for the current fiscal year.

In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $75.23, for a total transaction of $94,037.50. Following the completion of the sale, the vice president now directly owns 9,309 shares in the company, valued at approximately $700,316.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 1,850 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $81.17, for a total transaction of $150,164.50. Following the sale, the chief financial officer now owns 1,607 shares of the company’s stock, valued at $130,440.19. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,572 shares of company stock valued at $4,416,585. 17.20% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Hartford Investment Management Co. increased its stake in Fortinet by 0.7% during the 2nd quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock valued at $1,255,000 after purchasing an additional 121 shares in the last quarter. Signaturefd LLC increased its stake in Fortinet by 10.7% during the 1st quarter. Signaturefd LLC now owns 1,288 shares of the software maker’s stock valued at $108,000 after purchasing an additional 125 shares in the last quarter. World Asset Management Inc increased its stake in Fortinet by 1.6% during the 2nd quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock valued at $722,000 after purchasing an additional 147 shares in the last quarter. Sheets Smith Wealth Management increased its stake in Fortinet by 2.7% during the 1st quarter. Sheets Smith Wealth Management now owns 7,004 shares of the software maker’s stock valued at $588,000 after purchasing an additional 184 shares in the last quarter. Finally, SeaCrest Wealth Management LLC increased its stake in Fortinet by 7.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 3,040 shares of the software maker’s stock valued at $234,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 73.21% of the company’s stock.

Fortinet Company Profile

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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