Fortinet (NASDAQ:FTNT) Price Target Raised to $80.00

Fortinet (NASDAQ:FTNT) had its price objective increased by investment analysts at Piper Sandler from $70.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target suggests a potential downside of 2.42% from the stock’s current price.

FTNT has been the topic of several other reports. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Barclays raised their price target on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Wedbush reiterated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research note on Wednesday, August 7th. Robert W. Baird raised their target price on shares of Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $75.68.

Fortinet Stock Performance

NASDAQ:FTNT opened at $81.98 on Friday. Fortinet has a fifty-two week low of $49.63 and a fifty-two week high of $83.83. The firm’s 50 day moving average is $78.43 and its two-hundred day moving average is $67.93. The company has a market cap of $62.71 billion, a P/E ratio of 49.52, a P/E/G ratio of 2.78 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

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

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Large investors have recently bought and sold shares of the business. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $25,000. Eastern Bank bought a new stake in Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC grew its position 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 worth $32,000 after acquiring an additional 173 shares during the last quarter. Finally, Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the 2nd quarter worth about $33,000. 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.