Fortinet (NASDAQ:FTNT) Price Target Raised to $90.00 at Rosenblatt Securities

Fortinet (NASDAQ:FTNT) had its price objective upped by equities research analysts at Rosenblatt Securities from $85.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ target price indicates a potential downside of 2.22% from the company’s current price.

Several other research analysts also recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. UBS Group upped their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday. Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Wells Fargo & Company boosted their target price on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $77.72.

Fortinet Stock Up 10.0 %

FTNT stock traded up $8.36 on Friday, reaching $92.04. 13,777,675 shares of the company traded hands, compared to its average volume of 5,461,583. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm has a fifty day simple moving average of $78.43 and a 200-day simple moving average of $67.93. Fortinet has a one year low of $49.63 and a one year high of $92.53. The company has a market cap of $70.40 billion, a P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. Research analysts anticipate that Fortinet will post 1.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Large investors have recently bought and sold shares of the business. Winthrop Capital Management LLC purchased a new stake in Fortinet during the first quarter valued at approximately $25,000. Eastern Bank bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its holdings 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 buying an additional 173 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth $33,000. 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.