Fortinet, Inc. (NASDAQ:FTNT) Receives $69.90 Consensus Target Price from Analysts

Fortinet, Inc. (NASDAQ:FTNT) has been given an average recommendation of “Hold” by the thirty-two analysts that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, nineteen have given a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $69.90.

A number of equities research analysts have recently issued reports on FTNT shares. Jefferies Financial Group cut their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Barclays cut their target price on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Wells Fargo & Company dropped their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Finally, Morgan Stanley dropped their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th.

Insider Activity

In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The disclosure for this sale can be found here. Insiders sold 91,913 shares of company stock worth $5,608,349 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. CX Institutional lifted its stake in Fortinet by 26.2% during the fourth quarter. CX Institutional now owns 5,371 shares of the software maker’s stock valued at $314,000 after purchasing an additional 1,116 shares during the last quarter. CVA Family Office LLC acquired a new stake in Fortinet during the fourth quarter valued at approximately $46,000. Raymond James Financial Services Advisors Inc. lifted its stake in Fortinet by 32.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 162,534 shares of the software maker’s stock valued at $9,513,000 after purchasing an additional 39,492 shares during the last quarter. Sendero Wealth Management LLC lifted its stake in Fortinet by 84.5% during the fourth quarter. Sendero Wealth Management LLC now owns 39,991 shares of the software maker’s stock valued at $2,341,000 after purchasing an additional 18,318 shares during the last quarter. Finally, Access Financial Services Inc. acquired a new stake in Fortinet during the fourth quarter valued at approximately $1,246,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT stock opened at $57.00 on Tuesday. The firm has a market capitalization of $43.54 billion, a P/E ratio of 37.26, a P/E/G ratio of 2.80 and a beta of 0.98. The company’s fifty day moving average price is $59.57 and its two-hundred day moving average price is $63.84. Fortinet has a 12 month low of $44.12 and a 12 month high of $78.58.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 EPS. On average, sell-side analysts anticipate that Fortinet will post 1.47 EPS for the current year.

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.