Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00

Fortinet (NASDAQ:FTNT) had its price objective lifted by Truist Financial from $70.00 to $85.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

A number of other equities analysts have also recently weighed in on FTNT. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Robert W. Baird upped their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $73.25.

Fortinet Price Performance

Shares of Fortinet stock opened at $80.34 on Wednesday. The firm has a market cap of $61.45 billion, a PE ratio of 47.54, a P/E/G ratio of 2.92 and a beta of 1.00. Fortinet has a twelve month low of $44.12 and a twelve month high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The business has a 50-day moving average price of $77.64 and a 200 day moving average price of $67.05.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share. Sell-side analysts predict that Fortinet will post 1.74 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

A number of institutional investors and hedge funds have recently modified their holdings of FTNT. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. Parallel Advisors LLC boosted its stake in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares in the last quarter. Simplicity Wealth LLC boosted its stake in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares in the last quarter. Werlinich Asset Management LLC grew its holdings in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC increased its position in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.