Fortinet (NASDAQ:FTNT) Given New $105.00 Price Target at Jefferies Financial Group

Fortinet (NASDAQ:FTNT) had its price target lowered by Jefferies Financial Group from $115.00 to $105.00 in a research note issued to investors on Monday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker’s stock.

Several other research analysts also recently commented on the stock. Royal Bank of Canada lifted their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. UBS Group set a $123.00 price objective on shares of Fortinet in a research report on Tuesday, March 18th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Mizuho raised their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Performance

NASDAQ FTNT opened at $96.26 on Monday. The company has a 50-day simple moving average of $103.01 and a two-hundred day simple moving average of $93.53. Fortinet has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market cap of $74.02 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts forecast that Fortinet will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the 4th quarter worth approximately $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC purchased a new position in shares of Fortinet during the 4th quarter worth $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter worth $46,000. Institutional investors own 83.71% of the company’s stock.

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.