Royal Bank of Canada Boosts Fortinet (NASDAQ:FTNT) Price Target to $72.00

Fortinet (NASDAQ:FTNT) had its price target raised by Royal Bank of Canada from $68.00 to $72.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the software maker’s stock.

Other analysts also recently issued research reports about the stock. TD Cowen raised shares of Fortinet from a hold rating to a buy rating and set a $75.00 price target for the company in a report on Thursday, July 18th. Guggenheim cut Fortinet from a buy rating to a neutral rating in a research note on Monday, July 29th. Cantor Fitzgerald decreased their price target on Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Barclays dropped their price objective on Fortinet from $75.00 to $70.00 and set an equal weight rating for the company in a research report on Thursday, July 11th. Finally, BMO Capital Markets boosted their target price on Fortinet from $70.00 to $76.00 and gave the stock a market perform rating in a research note on Wednesday. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $71.31.

Fortinet Trading Up 1.5 %

Shares of NASDAQ:FTNT traded up $1.01 on Wednesday, reaching $69.69. 6,988,618 shares of the company’s stock were exchanged, compared to its average volume of 5,926,143. The company has a market capitalization of $53.24 billion, a price-to-earnings ratio of 45.55, a PEG ratio of 2.79 and a beta of 0.98. The company has a fifty day moving average of $59.59 and a 200-day moving average of $63.74. Fortinet has a twelve month low of $44.12 and a twelve month high of $73.91.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm 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 posted $0.31 EPS. The company’s revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts forecast that Fortinet will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 18,701 shares of the company’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 transaction, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $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 business’s stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 91,915 shares of company stock valued at $5,401,638. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vima LLC bought a new position in shares of Fortinet during the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new stake in Fortinet in the 1st quarter worth about $25,000. Rise Advisors LLC increased its stake in 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 during the last quarter. Creekmur Asset Management LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter worth approximately $33,000. 83.71% of the stock is owned by hedge funds and other 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.