Susquehanna Raises Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its price target lifted by research analysts at Susquehanna from $90.00 to $110.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Susquehanna’s price objective points to a potential downside of 0.56% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. 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 note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.77.

Fortinet Stock Performance

Shares of FTNT traded up $2.96 during mid-day trading on Monday, reaching $110.62. The company had a trading volume of 1,135,170 shares, compared to its average volume of 4,373,233. Fortinet has a 52-week low of $54.57 and a 52-week high of $110.99. 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 stock has a 50 day moving average of $97.38 and a two-hundred day moving average of $84.94. The stock has a market capitalization of $84.78 billion, a P/E ratio of 48.94, a PEG ratio of 2.75 and a beta of 1.01.

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

Insiders Place Their Bets

In related news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on 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 owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

A number of institutional investors have recently bought and sold shares of FTNT. Eastern Bank acquired a new position in Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its holdings 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 worth $32,000 after acquiring an additional 173 shares during the period. City State Bank increased its stake 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 last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the third quarter worth $46,000. 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.