Fortinet (NASDAQ:FTNT) PT Raised to $64.00

Fortinet (NASDAQ:FTNT) had its price target upped by Wells Fargo & Company from $62.00 to $64.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 7.51% from the stock’s previous close.

Several other equities research analysts also recently weighed in on FTNT. Susquehanna decreased their target price on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Rosenblatt Securities cut their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, July 18th. Finally, Royal Bank of Canada cut their price objective on Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.04.

Fortinet Price Performance

FTNT stock traded up $13.39 during trading on Wednesday, reaching $69.20. 7,592,989 shares of the stock traded hands, compared to its average volume of 5,780,225. The business’s 50 day moving average price is $58.96 and its 200-day moving average price is $63.62. Fortinet has a 52-week low of $44.12 and a 52-week high of $73.91. The firm has a market capitalization of $52.86 billion, a PE ratio of 44.93, a P/E/G ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. The company’s revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts predict that Fortinet will post 1.47 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction on Wednesday, June 5th. The stock was 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 approximately $278,287.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction 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 approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,915 shares of company stock valued at $5,401,638. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Large investors have recently modified their holdings of the stock. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the 1st quarter worth $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares in the last quarter. Vima LLC purchased a new stake in shares of Fortinet during the fourth quarter worth $25,000. Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the second quarter worth $33,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the fourth quarter worth $32,000. 83.71% of the stock is owned by 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.