KeyBanc Downgrades Fortinet

On February 8, 2023, Keybanc downgraded their outlook for Fortinet from Overweight to Sector Weight.

Analyst Price Forecast Suggests 15.97% Upside

As of February 9, 2023, the average one-year price target for Fortinet is $69.16. The forecasts range from a low of $55.55 to a high of $89.25. The average price target represents an increase of 15.97% from its latest reported closing price of $59.64.

The projected annual revenue for Fortinet is $5,501MM, an increase of 24.53%. The projected annual EPS is $1.43, an increase of 31.85%.

What are large shareholders doing?

Alliancebernstein holds 23,141K shares representing 2.96% ownership of the company. In it’s prior filing, the firm reported owning 19,737K shares, representing an increase of 14.71%. The firm increased its portfolio allocation in FTNT by 7.91% over the last quarter.

Price T Rowe Associates holds 21,748K shares representing 2.78% ownership of the company. In it’s prior filing, the firm reported owning 52,996K shares, representing a decrease of 143.68%. The firm decreased its portfolio allocation in FTNT by 53.80% over the last quarter.

Bank of New York Mellon holds 20,600K shares representing 2.64% ownership of the company. In it’s prior filing, the firm reported owning 21,235K shares, representing a decrease of 3.08%. The firm decreased its portfolio allocation in FTNT by 59.96% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 20,010K shares representing 2.56% ownership of the company. In it’s prior filing, the firm reported owning 20,088K shares, representing a decrease of 0.39%. The firm decreased its portfolio allocation in FTNT by 9.84% over the last quarter.

T. Rowe Price Investment Management holds 16,139K shares representing 2.07% ownership of the company.

What is the Fund Sentiment?

There are 1813 funds or institutions reporting positions in Fortinet. This is a decrease of 19 owner(s) or 1.04% in the last quarter. Average portfolio weight of all funds dedicated to FTNT is 0.36%, a decrease of 7.12%. Total shares owned by institutions increased in the last three months by 0.05% to 572,811K shares. The put/call ratio of FTNT is 0.67, indicating a bullish outlook.

Fortinet Background Information
(This description is provided by the company.)

Fortinet secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. Only the Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments. Fortinet ranks #1 in the most security appliances shipped worldwide and more than 500,000 customers trust Fortinet to protect their businesses. Both a technology company and a learning organization, the Fortinet Network Security Expert (NSE) Training Institute has one of the largest and broadest cybersecurity training programs in the industry.

This article originally appeared on Fintel