Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00

Fortinet (NASDAQ:FTNT) had its target price boosted by analysts at Rosenblatt Securities from $100.00 to $115.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 17.06% from the company’s previous close.

A number of other brokerages also recently issued reports on FTNT. Bank of America upped their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $96.83.

Fortinet Stock Up 1.1 %

Shares of NASDAQ:FTNT opened at $98.24 on Tuesday. 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 simple moving average of $95.59 and a two-hundred day simple moving average of $81.22. Fortinet has a 12-month low of $54.57 and a 12-month high of $101.00. The stock has a market capitalization of $75.30 billion, a price-to-earnings ratio of 49.62, a PEG ratio of 2.55 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. On average, research analysts anticipate that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $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 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Eastern Bank purchased a new stake in Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank raised its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet in the 3rd quarter worth about $46,000. Institutional investors 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.