Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT) had its price objective hoisted by Wells Fargo & Company from $85.00 to $105.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

A number of other research firms have also recently commented on FTNT. Rosenblatt Securities lifted their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Scotiabank lifted their price objective on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, January 21st. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Wedbush upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $101.43.

Fortinet Stock Up 2.8 %

NASDAQ:FTNT opened at $107.66 on Friday. Fortinet has a twelve month low of $54.57 and a twelve month high of $110.53. The firm has a market capitalization of $82.52 billion, a price-to-earnings ratio of 47.64, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $97.38 and its two-hundred day moving average price is $84.94.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities research analysts expect that Fortinet will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. City State Bank grew its position in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $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.