Analysts Set Fortinet, Inc. (NASDAQ:FTNT) Price Target at $101.43

Fortinet, Inc. (NASDAQ:FTNT) has been given an average rating of “Hold” by the thirty-two research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $103.72.

Several equities analysts have weighed in on the company. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, Susquehanna lifted their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th.

Fortinet Stock Performance

Fortinet stock opened at $111.64 on Friday. 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 stock has a fifty day moving average of $98.60 and a two-hundred day moving average of $86.37. The company has a market capitalization of $85.57 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $112.37.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, analysts anticipate that Fortinet will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of the company. Manchester Capital Management LLC lifted its position in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the period. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC lifted its position in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its position in Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds 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.