The stock of Fortinet Inc (NASDAQ:FTNT) last traded at $52.79, down -1.77% from the previous session.
Data from the available sources indicates that Fortinet Inc (NASDAQ:FTNT) is covered by 40 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $73.30 and a low of $49.00, we find $55.06. Given the previous closing price of $53.74, this indicates a potential upside of 2.46 percent. FTNT stock price is now -5.55% away from the 50-day moving average and -17.11% away from the 200-day moving average. The market capitalization of the company currently stands at $40.54B.
In total, 21 analysts have assigned it a hold rating, and 14 have given it a buy rating. Brokers who have rated the stock have averaged $56.51 as their price target over the next twelve months.
With the price target reduced from $75 to $49, HSBC Securities Downgraded its rating from Buy to Hold for Fortinet Inc (NASDAQ: FTNT).
In other news, Jensen Keith, CFO & Chief Accounting Officer sold 24,710 shares of the company’s stock on Nov 24. The stock was sold for $1,318,689 at an average price of $53.37. Upon completion of the transaction, the CFO & Chief Accounting Officer now directly owns 4,586 shares in the company, valued at $0.24 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 21, Chief Revenue Off./EVP Supp. Perche Patrice sold 7,535 shares of the business’s stock. A total of $390,087 was realized by selling the stock at an average price of $51.77. This leaves the insider owning 25,730 shares of the company worth $1.36 million. Insiders disposed of 16,261,406 shares of company stock worth roughly $858.44 million over the past 1 year. A total of 17.03% of the company’s stock is owned by insiders.
During the past 12 months, Fortinet Inc has had a low of $44.12 and a high of $81.24. As of last week, the company has a debt-to-equity ratio of 13.38, a current ratio of 1.30, and a quick ratio of 1.17. According to the stock market information, the enterprise value for the company is $38.36B, which is based on a 36.38 price-to-earnings ratio, a 2.27 price-to-earnings-growth ratio, and a beta of 1.07. The fifty day moving average price for FTNT is $55.89 and a two-hundred day moving average price translates $63.69 for the stock.
The latest earnings results from Fortinet Inc (NASDAQ: FTNT) was released for Sep, 2023. According to the Software – Infrastructure Company, earnings per share came in at $0.41, beating analysts’ expectations of $0.36 by 0.05. This compares to $0.29 EPS in the same period last year. The net profit margin was 22.25% and return on equity was 843.82% for FTNT. The company reported revenue of $1.33 billion for the quarter, compared to $1.15 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 16.1 percent. For the current quarter, analysts expect FTNT to generate $1.41B in revenue.
Fortinet Inc(FTNT) Company Profile
Fortinet, Inc. provides cybersecurity and networking 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. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides centralized network logging, analyzing and reporting solutions. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiAuthenticator, a zero trust access solution; FortiGate VM, a network firewall virtual appliance; FortiToken, product family for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both machine-learning anti-malware protection and remediation. It provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. The company was incorporated in 2000 and is headquartered in Sunnyvale, California.
