Rosenblatt Securities Raises Fortinet (NASDAQ:FTNT) Price Target to $115.00

Fortinet (NASDAQ:FTNT) had its price objective boosted by research analysts at Rosenblatt Securities from $100.00 to $115.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 17.06% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $96.83.

Fortinet Price Performance

NASDAQ:FTNT opened at $98.24 on Tuesday. 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 business’s 50-day moving average price is $95.59 and its 200 day moving average price is $81.22. Fortinet has a 52-week low of $54.57 and a 52-week high of $101.00. The firm has a market cap of $75.30 billion, a P/E ratio of 49.62, a PEG ratio of 2.55 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the previous year, the firm earned $0.35 EPS. As a group, sell-side analysts predict that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the firm’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 sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several hedge funds have recently made changes to their positions in the stock. Eagle Capital Management LLC grew its holdings in shares of Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after purchasing an additional 544 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Fortinet by 190.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock worth $87,000 after buying an additional 952 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Fortinet by 82.1% during the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock worth $1,354,000 after buying an additional 10,125 shares in the last quarter. Evergreen Capital Management LLC increased its holdings in Fortinet by 5.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 6,571 shares of the software maker’s stock valued at $396,000 after buying an additional 360 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Fortinet by 59.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,220 shares of the software maker’s stock worth $7,487,000 after acquiring an additional 46,289 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.