Fortinet, Inc. (NASDAQ:FTNT) Receives $69.90 Consensus Target Price from Brokerages

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received an average recommendation of “Hold” from the thirty-two ratings firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $69.90.

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald dropped their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Thursday, July 18th. Guggenheim reiterated a “buy” rating and issued a $81.00 price objective on shares of Fortinet in a research report on Tuesday, June 25th. HSBC lowered their price objective on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. lowered their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd.

Fortinet Price Performance

FTNT stock opened at $57.00 on Tuesday. The business has a 50 day simple moving average of $59.57 and a 200-day simple moving average of $63.84. The firm has a market capitalization of $43.54 billion, a PE ratio of 37.26, a price-to-earnings-growth ratio of 2.80 and a beta of 0.98. Fortinet has a 1 year low of $44.12 and a 1 year high of $78.58.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 earnings per share. On average, equities research analysts expect that Fortinet will post 1.47 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 91,913 shares of company stock worth $5,608,349 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently made changes to their positions in FTNT. CX Institutional grew its holdings in shares of Fortinet by 26.2% during the fourth quarter. CX Institutional now owns 5,371 shares of the software maker’s stock worth $314,000 after purchasing an additional 1,116 shares during the last quarter. CVA Family Office LLC purchased a new position in shares of Fortinet during the fourth quarter worth about $46,000. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Fortinet by 32.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 162,534 shares of the software maker’s stock worth $9,513,000 after purchasing an additional 39,492 shares during the last quarter. Sendero Wealth Management LLC grew its holdings in shares of Fortinet by 84.5% during the fourth quarter. Sendero Wealth Management LLC now owns 39,991 shares of the software maker’s stock worth $2,341,000 after purchasing an additional 18,318 shares during the last quarter. Finally, Access Financial Services Inc. purchased a new position in shares of Fortinet during the fourth quarter worth about $1,246,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

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.