Fortinet (NASDAQ:FTNT) Given New $75.00 Price Target at Deutsche Bank Aktiengesellschaft

Fortinet (NASDAQ:FTNT) had its price objective raised by Deutsche Bank Aktiengesellschaft from $71.00 to $75.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential upside of 6.44% from the stock’s current price.

Several other research firms also recently commented on FTNT. Evercore ISI dropped their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. Citigroup dropped their price target on shares of Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Rosenblatt Securities decreased their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday. Jefferies Financial Group decreased their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Finally, Barclays decreased their price objective on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $71.10.

Fortinet Trading Up 26.2 %

Fortinet stock traded up $14.65 during trading on Wednesday, hitting $70.46. The company had a trading volume of 15,829,297 shares, compared to its average volume of 5,828,969. Fortinet has a 1-year low of $44.12 and a 1-year high of $73.91. The company’s 50 day simple moving average is $58.96 and its 200-day simple moving average is $63.62. The stock has a market cap of $53.83 billion, a price-to-earnings ratio of 46.39, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. As a group, analysts forecast that Fortinet will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 91,915 shares of company stock worth $5,401,638. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the business. TFO Wealth Partners LLC boosted its position in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares in the last quarter. LGT Group Foundation lifted its holdings in Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares in the last quarter. Finally, Y.D. More Investments Ltd lifted its holdings in Fortinet by 101.4% in the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after purchasing an additional 31,198 shares in the last quarter. 83.71% of the stock is currently 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.