Fortinet (NASDAQ:FTNT) Price Target Raised to $95.00

Fortinet (NASDAQ:FTNT) had its price target raised by research analysts at Raymond James from $85.00 to $95.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Raymond James’ price target would suggest a potential upside of 4.19% from the company’s current price.

FTNT has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research note on Thursday, October 17th. BMO Capital Markets raised their price target on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Barclays boosted their price objective on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Scotiabank raised their target price on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday. One 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 presently has a consensus rating of “Hold” and an average price target of $77.21.

Fortinet Stock Up 9.0 %

Shares of FTNT stock traded up $7.50 during mid-day trading on Friday, reaching $91.18. 8,133,206 shares of the company were exchanged, compared to its average volume of 5,435,812. Fortinet has a fifty-two week low of $49.63 and a fifty-two week high of $91.48. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $69.74 billion, a P/E ratio of 53.95, a P/E/G ratio of 2.78 and a beta of 1.00. The business’s 50 day simple moving average is $78.43 and its 200 day simple moving average is $67.93.

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

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were 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 in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last quarter. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently modified their holdings of the stock. Winthrop Capital Management LLC purchased a new position in shares of Fortinet in the first quarter worth approximately $25,000. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC increased its position in 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 buying an additional 173 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in Fortinet during the second quarter valued at about $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.