Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00

by · The Markets Daily

Fortinet (NASDAQ:FTNT – Free Report) had its target price lifted by Barclays from $74.00 to $85.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

Several other research analysts have also commented on FTNT. JPMorgan Chase & Co. boosted their price objective on Fortinet from $63.00 to $70.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. HSBC raised shares of Fortinet from a reduce rating to a hold rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a hold rating in a research report on Wednesday, August 7th. Scotiabank raised their price target on Fortinet from $61.00 to $75.00 and gave the company a sector outperform rating in a research report on Wednesday, August 7th. Finally, Guggenheim cut Fortinet from a buy rating to a neutral rating in a report on Monday, July 29th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $72.64.

Read Our Latest Report on Fortinet

Fortinet Stock Performance

Fortinet stock opened at $80.33 on Monday. Fortinet has a 1-year low of $44.12 and a 1-year high of $80.37. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The firm has a market capitalization of $61.37 billion, a PE ratio of 52.50, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm’s 50 day simple moving average is $73.94 and its 200 day simple moving average is $65.95.

Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. As a group, analysts expect that Fortinet will post 1.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FTNT. JGP Wealth Management LLC increased its stake in shares of Fortinet by 3.4% during the third quarter. JGP Wealth Management LLC now owns 16,035 shares of the software maker’s stock valued at $1,244,000 after purchasing an additional 532 shares in the last quarter. ORBA Wealth Advisors L.L.C. grew its stake in shares of Fortinet by 30.8% in the 3rd quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock worth $1,512,000 after buying an additional 4,591 shares during the last quarter. Tobam increased its position in Fortinet by 2,628.2% during the 3rd quarter. Tobam now owns 44,851 shares of the software maker’s stock valued at $3,478,000 after buying an additional 43,207 shares in the last quarter. Sendero Wealth Management LLC raised its stake in Fortinet by 2.8% during the third quarter. Sendero Wealth Management LLC now owns 40,846 shares of the software maker’s stock valued at $3,168,000 after buying an additional 1,099 shares during the last quarter. Finally, Perpetual Ltd boosted its holdings in Fortinet by 98.7% in the third quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after acquiring an additional 12,054 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Company Profile

(Get Free Report)

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.

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