Fortinet (NASDAQ:FTNT) Price Target Raised to $66.00 at Citigroup

Fortinet (NASDAQ:FTNT) had its price target increased by Citigroup from $65.00 to $66.00 in a research report report published on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

A number of other equities research analysts have also recently commented on FTNT. Cantor Fitzgerald raised their target price on Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a research report on Wednesday. Piper Sandler dropped their target price on Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Jefferies Financial Group lowered their target price on Fortinet from $75.00 to $70.00 and set a hold rating on the stock in a report on Thursday, April 18th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a neutral rating in a research report on Wednesday. Finally, BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a market perform rating in a research report on Wednesday. Twenty-four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $71.31.

Fortinet Trading Down 1.1 %

Shares of NASDAQ FTNT traded down $0.77 during trading on Wednesday, reaching $69.16. 6,532,441 shares of the company traded hands, compared to its average volume of 5,890,059. The firm’s fifty day simple moving average is $59.17 and its 200 day simple moving average is $63.66. The stock has a market cap of $52.83 billion, a P/E ratio of 45.37, a PEG ratio of 2.79 and a beta of 0.98. Fortinet has a 12-month low of $44.12 and a 12-month high of $73.91.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business posted $0.31 EPS. The company’s revenue was up 10.9% on a year-over-year basis. As a group, research analysts expect that Fortinet will post 1.47 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock worth $5,401,638 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $25,000. Rise Advisors LLC grew its stake in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Vima LLC purchased a new stake in shares of Fortinet during the 4th quarter valued at $25,000. Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the 2nd quarter valued at $33,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the 4th quarter valued at $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.