Fortinet (NASDAQ:FTNT) Price Target Raised to $135.00

Fortinet (NASDAQ:FTNT) had its target price hoisted by Scotiabank from $115.00 to $135.00 in a research note released on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the software maker’s stock.

Several other equities analysts have also commented on FTNT. Morgan Stanley increased their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group lifted their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $101.43.

Fortinet Stock Up 2.8 %

FTNT stock opened at $107.66 on Friday. The company’s 50 day moving average is $97.38 and its 200 day moving average is $84.56. The stock has a market cap of $82.52 billion, a price-to-earnings ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 1-year low of $54.57 and a 1-year high of $110.53.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. Sell-side analysts predict that Fortinet will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Fortinet

Institutional investors have recently bought and sold shares of the company. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank lifted its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at about $46,000. 83.71% of the stock is 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.