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

Fortinet (NASDAQ:FTNT) had its target price hoisted by Stifel Nicolaus from $103.00 to $115.00 in a research report released on Friday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other brokerages also recently weighed in on FTNT. Jefferies Financial Group raised their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Scotiabank lifted their target price on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald increased their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $101.43.

Fortinet Stock Up 2.8 %

Shares of NASDAQ FTNT opened at $107.66 on Friday. The stock has a market capitalization of $82.52 billion, a PE ratio of 47.64, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $54.57 and a 12-month high of $110.53. The stock’s fifty day simple moving average is $97.38 and its two-hundred day simple moving average is $84.56.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, analysts expect that Fortinet will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 355 shares of the 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 transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last 90 days. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently bought and sold shares of FTNT. FMR LLC lifted its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Amundi increased its stake in Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after buying an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Fortinet by 136.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after buying an additional 1,682,708 shares in the last quarter. State Street Corp boosted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Fortinet in the fourth quarter worth $69,381,000. Institutional investors and hedge funds 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.