Rosenblatt Securities Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price objective upped by Rosenblatt Securities from $100.00 to $115.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other equities research analysts also recently commented on the stock. Morgan Stanley increased their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. BMO Capital Markets increased their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group boosted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.83.

Fortinet Trading Up 1.1 %

NASDAQ:FTNT opened at $98.24 on Tuesday. Fortinet has a 12-month low of $54.57 and a 12-month high of $101.00. The firm has a market cap of $75.30 billion, a PE ratio of 49.62, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a fifty day moving average price of $95.59 and a 200 day moving average price of $81.22.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the business posted $0.35 EPS. Sell-side analysts anticipate that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently made changes to their positions in the business. First Hawaiian Bank acquired a new position in Fortinet during the fourth quarter worth approximately $670,000. LVM Capital Management Ltd. MI increased its holdings in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC boosted its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden grew its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the 3rd quarter worth approximately $10,343,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.