Fortinet (NASDAQ:FTNT) Price Target Increased to $90.00 by Analysts at TD Cowen

Fortinet (NASDAQ:FTNT) had its target price lifted by TD Cowen from $75.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. TD Cowen’s price target would suggest a potential upside of 12.56% from the company’s current price.

FTNT has been the subject of a number of other research reports. Citigroup boosted their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Wedbush reissued an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Wells Fargo & Company boosted their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.64.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $2.18 on Wednesday, hitting $79.96. The company had a trading volume of 2,082,975 shares, compared to its average volume of 5,580,944. Fortinet has a 1-year low of $44.12 and a 1-year high of $80.08. The stock has a market cap of $61.08 billion, a price-to-earnings ratio of 52.26, a P/E/G ratio of 2.77 and a beta of 1.00. The stock has a 50 day moving average price of $73.50 and a 200 day moving average price of $65.85. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share. Analysts expect that Fortinet will post 1.72 EPS for the current year.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock valued at $6,337,801 over the last quarter. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD increased its holdings in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new stake in shares of Fortinet during the 1st quarter valued at about $548,013,000. Marshall Wace LLP boosted its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its position in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, Sarasin & Partners LLP bought a new stake in Fortinet in the 1st quarter worth approximately $120,746,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

About Fortinet

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.