Fortinet, Inc. (NASDAQ:FTNT) Receives $70.03 Average Target Price from Analysts

Fortinet, Inc. (NASDAQ:FTNT) has earned a consensus rating of “Hold” from the thirty-two research firms that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, twenty have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $70.03.

Several research analysts have issued reports on FTNT shares. Truist Financial reduced their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Barclays reduced their price objective on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Tuesday, June 11th. Robert W. Baird cut their price target on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Piper Sandler cut their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Fortinet news, Director William H. Neukom acquired 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,638 shares of company stock worth $5,705,568. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently modified their holdings of the business. Cetera Advisors LLC lifted its stake in Fortinet by 91.6% in the 1st quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock valued at $2,269,000 after purchasing an additional 15,880 shares during the last quarter. Cetera Investment Advisers lifted its stake in Fortinet by 543.5% in 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 last quarter. PGGM Investments lifted its stake in Fortinet by 0.8% in the 1st quarter. PGGM Investments now owns 175,791 shares of the software maker’s stock valued at $12,008,000 after purchasing an additional 1,360 shares during the last quarter. Swedbank AB acquired a new stake in Fortinet in the 1st quarter valued at about $548,013,000. Finally, Sanibel Captiva Trust Company Inc. lifted its stake in Fortinet by 0.9% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 179,110 shares of the software maker’s stock valued at $12,235,000 after purchasing an additional 1,526 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT opened at $60.73 on Friday. The business’s 50 day simple moving average is $60.27 and its 200-day simple moving average is $63.78. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a market capitalization of $46.39 billion, a P/E ratio of 39.69, a PEG ratio of 2.98 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the business earned $0.29 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet will post 1.47 EPS for the current fiscal year.

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.