Fortinet (NASDAQ:FTNT) Price Target Raised to $113.00

by · The Markets Daily

Fortinet (NASDAQ:FTNT – Free Report) had its target price boosted by Robert W. Baird from $110.00 to $113.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other equities research analysts have also recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $104.80.

Read Our Latest Stock Report on FTNT

Fortinet Stock Down 8.5 %

NASDAQ:FTNT opened at $97.70 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm has a market cap of $74.71 billion, a P/E ratio of 43.23, a P/E/G ratio of 4.19 and a beta of 1.16. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm has a 50-day simple moving average of $98.44 and a two-hundred day simple moving average of $97.25.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business earned $0.43 EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. Analysts predict that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. The trade was a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 738,978 shares of company stock valued at $74,135,907. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. First Hawaiian Bank bought a new position in shares of Fortinet during the 4th quarter valued at approximately $670,000. LVM Capital Management Ltd. MI lifted its position in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Trilogy Capital Inc. grew its stake in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its holdings in shares of Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after acquiring an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC purchased a new position in Fortinet in the fourth quarter worth about $1,690,000. 83.71% of the stock is owned by institutional investors.

About Fortinet

(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.

Further Reading