Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00 at Wells Fargo & Company

Fortinet (NASDAQ:FTNT) had its target price upped by Wells Fargo & Company from $85.00 to $105.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

Other equities analysts also recently issued research reports about the company. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wedbush raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday. Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $101.43.

Fortinet Trading Up 2.8 %

NASDAQ:FTNT opened at $107.66 on Friday. The firm 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. Fortinet has a 52 week low of $54.57 and a 52 week high of $110.53. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a fifty day moving average of $97.38 and a 200 day moving average of $84.56.

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

Insider Activity at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Eastern Bank bought a new stake in Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC raised its stake in 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 purchasing an additional 173 shares during the period. Golden State Wealth Management LLC purchased a new position in Fortinet in the 4th quarter worth approximately $46,000. Finally, City State Bank boosted its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Hedge funds and other 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.