On September 13, 2023, Capital One Financial initiated coverage on shares of Fortinet (NASDAQ:FTNT), according to a research note from Briefing.com. The firm assigned an “overweight” rating to the stock and set a price target of $74.00 for the software maker’s shares. This price target suggests a potential upside of 16.54% from the stock’s previous close.
Fortinet opened at $63.50 on Wednesday and currently has a current ratio of 1.39, indicating its ability to meet short-term obligations. Additionally, it has a quick ratio of 1.29 and a debt-to-equity ratio of 3.09.
The fifty-day simple moving average for Fortinet is $67.62, while the two-hundred-day simple moving average stands at $66.85. Over the past year, the stock has traded between its low of $42.61 and high of $81.24.
With a market capitalization of $49.87 billion and a P/E ratio of 47.74, Fortinet is considered among investors as having growth potential due to its relatively lower valuation metrics compared to many other tech stocks in the market today.
In terms of financial performance, Fortinet reported earnings results on August 3rd, with quarterly earnings per share (EPS) coming in at $0.38, surpassing analysts’ consensus estimate of $0.34 by $0.04 per share.
Fortinet also delivered solid revenue figures for the quarter with $1.29 billion in revenue compared to analyst estimates of approximately $1.30 billion.
Analysts are predicting that Fortinet will post earnings per share (EPS) of 1.24 for the current fiscal year.
Several institutional investors have shown interest in Fortinet recently as well.
Bank Julius Baer & Co Ltd Zurich increased its holdings in the company by an astounding 99,008.1% during the second quarter. Moneta Group Investment Advisors LLC also raised its stake in Fortinet by 125,937.5% in the fourth quarter. Norges Bank and AllianceBernstein LP have both made considerable investments in Fortinet, with Ninety One UK Ltd acquiring a new position during the second quarter.
Overall, these moves by institutional investors reflect the positive sentiment surrounding Fortinet’s future prospects within the software industry.
It is important to note that past performance is not indicative of future results and investors should exercise caution when making investment decisions based solely on coverage initiated by an individual firm.
However, with Capital One Financial assigning an “overweight” rating and a target price above the stock’s previous close, it suggests that industry experts have a positive outlook for Fortinet moving forward.
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Fortinet (FTNT) Receives Mixed Assessments from Brokerages, Insider Activity Noted
On September 13, 2023, various brokerages published their latest reports on Fortinet (FTNT), a leading provider of cybersecurity solutions. BMO Capital Markets, Wells Fargo & Company, Barclays, Rosenblatt Securities, and Scotiabank all provided detailed assessments of the company’s performance and target prices.
In their research report on August 4th, BMO Capital Markets revised their previous target price of $88.00 down to $72.00. They also assigned a “market perform” rating to Fortinet’s stock. Along similar lines, Wells Fargo & Company lowered their target price from $90.00 to $85.00 and reaffirmed an “overweight” rating for the company.
Barclays also made adjustments to their price target for Fortinet in their report on August 4th, reducing it from $86.00 to $71.00. Despite the decrease in price target, they maintained an “overweight” rating on the stock.
Rosenblatt Securities reaffirmed their optimistic stance by reissuing a “buy” rating and setting a $90.00 target price for Fortinet’s shares on August 28th. Finally, Scotiabank revised their target price from $90.00 to $71.00 while maintaining a “sector outperform” recommendation.
Currently, nine equities research analysts have rated the stock with a hold rating while twenty-five have given it a buy rating. According to data from Bloomberg.com, the average rating provided is labeled as “Moderate Buy,” with an average price target of $73.26.
In other news related to Fortinet, Director William H. Neukom recently purchased 552 shares of the company’s stock in a transaction on September 8th at an average cost of $63.28 per share. The total transaction value amounted to $34,930.56.
Following this acquisition, Director Neukom now holds 291,551 shares in the company, with a total value of $18,449,347.28. This transaction was publicly disclosed through a filing with the Securities & Exchange Commission (SEC), which can be accessed via their website.
Additionally, EVP Patrice Perche sold 7,530 shares of Fortinet’s stock on June 21st at an average price of $71.15 per share, resulting in a total value of $535,759.50. After this sale, the executive vice president now holds 25,730 shares valued at approximately $1,830,689.50.
It is worth noting that insiders have collectively sold 67,218 shares of the company’s stock over the past three months. The total value of these transactions amounted to $4,429,412. Currently, insiders own 17.54% of Fortinet’s stock.
These recent developments and updates from reputable brokerages provide investors and stakeholders with valuable information for making informed decisions regarding their investments in Fortinet (FTNT).
