Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00 at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its target price boosted by Royal Bank of Canada from $97.00 to $115.00 in a report published on Friday morning,Benzinga reports. They currently have a sector perform rating on the software maker’s stock.

Several other research analysts also recently issued reports on FTNT. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Rosenblatt Securities lifted their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $101.43.

Fortinet Price Performance

Shares of FTNT opened at $107.66 on Friday. The business’s 50-day moving average is $97.38 and its two-hundred day moving average is $84.56. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $110.53. The company has a market capitalization of $82.52 billion, a P/E ratio of 54.37, a P/E/G ratio of 2.65 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. City State Bank lifted its holdings in 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 purchased a new stake in Fortinet during the third quarter worth $46,000. 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.