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

Fortinet (NASDAQ:FTNT) had its price target upped by Rosenblatt Securities from $72.00 to $85.00 in a research note released on Thursday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

FTNT has been the topic of a number of other reports. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. Truist Financial increased their price target on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Cantor Fitzgerald raised their target price on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $74.68.

Fortinet Stock Up 0.8 %

Fortinet stock traded up $0.66 during mid-day trading on Thursday, hitting $79.32. 1,301,246 shares of the company’s stock were exchanged, compared to its average volume of 5,418,401. The stock has a market cap of $60.67 billion, a P/E ratio of 46.54, a P/E/G ratio of 2.78 and a beta of 1.00. The stock has a 50 day moving average of $77.98 and a two-hundred day moving average of $67.38. Fortinet has a 1-year low of $44.12 and a 1-year high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business posted $0.31 EPS. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts anticipate that Fortinet will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Large investors have recently modified their holdings of the company. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at about $25,000. Winthrop Capital Management LLC bought a new stake in Fortinet in the 1st quarter worth $25,000. Private Wealth Management Group LLC increased its position 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 valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank raised its stake 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 acquiring an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the second quarter worth about $33,000. 83.71% of the stock is owned by hedge funds and other 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.