Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00

Fortinet (NASDAQ:FTNT) had its price target raised by Rosenblatt Securities from $100.00 to $115.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company boosted their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Wedbush upped their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $96.83.

Fortinet Price Performance

Shares of FTNT opened at $97.45 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a 50 day moving average price of $95.65 and a 200-day moving average price of $81.33. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The stock has a market capitalization of $74.69 billion, a PE ratio of 49.22, a PEG ratio of 2.55 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. Equities analysts predict that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Fortinet by 10.3% in the third 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 valued at $448,854,000 after purchasing an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

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.