Fortinet (NASDAQ:FTNT) PT Raised to $65.00

Fortinet (NASDAQ:FTNT) had its target price boosted by equities research analysts at Cantor Fitzgerald from $55.00 to $65.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price objective suggests a potential downside of 4.68% from the company’s previous close. Cantor Fitzgerald also issued estimates for Fortinet’s FY2024 earnings at $1.84 EPS.

Other research analysts have also recently issued research reports about the stock. Wedbush reiterated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a report on Wednesday. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday. Piper Sandler reduced their price objective on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, Jefferies Financial Group dropped their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $71.31.

Fortinet Trading Down 0.7 %

Shares of FTNT stock traded down $0.49 on Wednesday, hitting $68.19. The stock had a trading volume of 174,342 shares, compared to its average volume of 5,881,607. The firm has a market cap of $52.09 billion, a P/E ratio of 44.89, a PEG ratio of 2.79 and a beta of 0.98. Fortinet has a twelve month low of $44.12 and a twelve month high of $73.91. The company has a fifty day moving average price of $59.38 and a two-hundred day moving average price of $63.70.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) 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 period in the prior year, the company earned $0.31 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that Fortinet will post 1.47 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the business’s 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 sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,915 shares of company stock valued at $5,401,638. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Winthrop Capital Management LLC acquired a new position in Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC raised its position in shares of Fortinet by 135.6% in 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 in the last quarter. Vima LLC bought a new stake in shares of Fortinet during the 4th quarter worth approximately $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $33,000. Finally, Creekmur Asset Management LLC bought a new position in Fortinet in the fourth quarter valued at approximately $32,000. 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.