JPMorgan Chase & Co. Boosts Fortinet (NASDAQ:FTNT) Price Target to $70.00

Fortinet (NASDAQ:FTNT) had its price target raised by JPMorgan Chase & Co. from $63.00 to $70.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other brokerages have also weighed in on FTNT. Guggenheim lowered Fortinet from a buy rating to a neutral rating in a report on Monday, July 29th. Piper Sandler lowered their price target on shares of Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Robert W. Baird raised their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an outperform rating in a report on Wednesday. Truist Financial decreased their target price on shares of Fortinet from $80.00 to $70.00 and set a buy rating on the stock in a research report on Friday, May 3rd. Finally, HSBC raised shares of Fortinet from a reduce rating to a hold rating and set a $59.00 price target for the company in a research report on Wednesday. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of Hold and an average price target of $71.31.

Fortinet Price Performance

FTNT stock traded up $1.01 on Wednesday, reaching $69.69. 6,988,618 shares of the company were exchanged, compared to its average volume of 5,926,143. The firm has a market capitalization of $53.24 billion, a PE ratio of 45.55, a PEG ratio of 2.79 and a beta of 0.98. Fortinet has a 12 month low of $44.12 and a 12 month high of $73.91. The stock’s fifty day moving average price is $59.59 and its 200 day moving average price is $63.74.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, research analysts expect that Fortinet will post 1.47 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 91,915 shares of company stock worth $5,401,638 over the last 90 days. 18.00% of the stock is owned by insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in FTNT. TFO Wealth Partners LLC lifted its stake in Fortinet by 72,668.0% in the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after buying an additional 18,167 shares during the period. Vontobel Holding Ltd. boosted its stake in Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares during the period. LGT Group Foundation increased its stake in Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares in the last quarter. Finally, Y.D. More Investments Ltd raised its holdings in Fortinet by 101.4% in the fourth quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock worth $3,627,000 after purchasing an additional 31,198 shares during the period. 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.