Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00

Fortinet (NASDAQ:FTNT) had its price target lifted by analysts at Scotiabank from $75.00 to $85.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective points to a potential upside of 3.68% from the company’s current price.

FTNT has been the topic of several other reports. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Rosenblatt Securities upped their price objective on shares of Fortinet from $72.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, Truist Financial upped their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $75.68.

Fortinet Stock Down 2.0 %

Shares of NASDAQ:FTNT opened at $81.98 on Friday. The stock has a market capitalization of $62.71 billion, a P/E ratio of 49.52, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The stock’s 50-day moving average price is $78.43 and its 200-day moving average price is $67.93. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet has a 12-month low of $49.63 and a 12-month high of $83.83.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) 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 earned $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet will post 1.75 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % 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. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB bought a new stake in shares of Fortinet in the 1st quarter worth $548,013,000. Marshall Wace LLP raised its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after buying an additional 1,662,156 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other 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.