Fortinet (NASDAQ:FTNT) PT Raised to $80.00

Fortinet (NASDAQ:FTNT) had its target price boosted by analysts at Robert W. Baird from $75.00 to $80.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target indicates a potential upside of 13.86% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Royal Bank of Canada increased their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday. Susquehanna cut their target price on Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Citigroup reduced their price objective on Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Finally, Rosenblatt Securities dropped their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $70.36.

Fortinet Stock Performance

NASDAQ FTNT traded up $14.45 during trading hours on Wednesday, reaching $70.26. The stock had a trading volume of 12,930,806 shares, compared to its average volume of 5,815,574. The stock has a fifty day moving average of $58.96 and a 200 day moving average of $63.62. The stock has a market cap of $53.67 billion, a P/E ratio of 46.22, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet has a 52-week low of $44.12 and a 52-week high of $73.91.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 EPS. On average, equities research analysts forecast that Fortinet will post 1.47 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction on Thursday, June 6th. The shares were bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, Director William H. Neukom bought 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 91,915 shares of company stock worth $5,401,638 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB increased its position in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the period. Van ECK Associates Corp increased its position in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Fortinet by 7.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock valued at $273,023,000 after purchasing an additional 283,339 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.