Fortinet (NASDAQ:FTNT) Price Target Raised to $88.00 at Robert W. Baird

Fortinet (NASDAQ:FTNT) had its price target lifted by Robert W. Baird from $80.00 to $88.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other research firms have also issued reports on FTNT. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada upped their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company upped their price target on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $77.72.

Fortinet Trading Up 10.0 %

NASDAQ FTNT traded up $8.36 during trading on Friday, reaching $92.04. 13,790,376 shares of the stock traded hands, compared to its average volume of 3,707,677. The firm has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The stock’s 50-day moving average price is $78.74 and its 200 day moving average price is $68.13. 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 has a fifty-two week low of $49.63 and a fifty-two week 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 firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. Analysts predict that Fortinet will post 1.75 EPS for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Forsta AP Fonden increased its position in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers increased its position in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares during the period. Sei Investments Co. grew its position in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 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.