Fortinet (NASDAQ:FTNT) Price Target Raised to $130.00

Fortinet (NASDAQ:FTNT) had its price target lifted by The Goldman Sachs Group from $114.00 to $130.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other research firms have also recently weighed in on FTNT. Mizuho raised their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.43.

Fortinet Stock Performance

Shares of FTNT stock opened at $107.66 on Friday. Fortinet has a 12 month low of $54.57 and a 12 month high of $110.53. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $82.52 billion, a P/E ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01. The firm has a fifty day moving average price of $97.38 and a 200 day moving average price of $84.94.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Sell-side analysts predict that Fortinet will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its stake in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Amundi lifted its position in Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after buying an additional 1,766,860 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Fortinet by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after acquiring an additional 156,766 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.