Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00

Fortinet (NASDAQ:FTNT) had its price objective raised by Scotiabank from $110.00 to $115.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a sector outperform rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Wells Fargo & Company raised their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Bank of America increased their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Finally, Wedbush increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $96.83.

Fortinet Trading Down 0.8 %

NASDAQ FTNT opened at $97.45 on Tuesday. Fortinet has a one year low of $54.57 and a one year high of $101.00. The company’s 50 day moving average price is $95.65 and its 200 day moving average price is $81.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market capitalization of $74.69 billion, a price-to-earnings ratio of 49.22, a PEG ratio of 2.55 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm posted $0.35 earnings per share. On average, sell-side analysts predict that Fortinet will post 1.95 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction 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 represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of FTNT. Eastern Bank bought a new stake in shares of Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank raised its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in Fortinet during the third quarter worth about $46,000. 83.71% of the stock is currently owned by institutional investors.

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.