Fortinet’s (FTNT) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Fortinet (NASDAQ:FTNT) in a research note released on Wednesday, Benzinga reports. They currently have a $86.00 price objective on the software maker’s stock.

A number of other research firms have also recently issued reports on FTNT. Morgan Stanley lifted their price objective on Fortinet from $77.00 to $81.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reiterated a neutral rating and set a $65.00 price target on shares of Fortinet in a report on Wednesday, April 17th. Susquehanna restated a neutral rating and issued a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Stifel Nicolaus lifted their target price on shares of Fortinet from $52.00 to $78.00 and gave the company a hold rating in a research note on Wednesday, February 7th. Finally, Truist Financial increased their price target on shares of Fortinet from $60.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $72.19.

Fortinet Trading Up 0.6 %

Shares of NASDAQ FTNT opened at $63.53 on Wednesday. The firm has a market capitalization of $48.49 billion, a PE ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The business has a 50-day moving average price of $67.78 and a two-hundred day moving average price of $61.87.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. During the same period last year, the company posted $0.38 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, analysts predict that Fortinet will post 1.39 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,139 shares of company stock valued at $8,977,876. Corporate insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Rise Advisors LLC raised its stake in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Vima LLC bought a new position in Fortinet in the 4th quarter worth approximately $25,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the 4th quarter worth $29,000. Headinvest LLC bought a new position in Fortinet in the 3rd quarter valued at $29,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $32,000. 83.71% of the stock is owned by institutional investors.

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.