Fortinet (NASDAQ:FTNT) Given New $83.00 Price Target at UBS Group

Fortinet (NASDAQ:FTNT) had its price objective boosted by UBS Group from $70.00 to $83.00 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also recently issued reports on the company. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank raised their price objective on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday. Barclays upped their target price on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Robert W. Baird boosted their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday. Finally, Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.72.

Fortinet Trading Up 10.0 %

FTNT stock traded up $8.36 during trading on Friday, hitting $92.04. The company had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The stock has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. The firm has a 50-day moving average price of $78.74 and a 200-day moving average price of $68.13. Fortinet has a 12 month low of $49.63 and a 12 month high of $92.53.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company posted $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts predict that Fortinet will post 1.75 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares during the last quarter. Swedbank AB boosted its position in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP raised its stake in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. 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.