Scotiabank Raises Fortinet (NASDAQ:FTNT) Price Target to $115.00

Fortinet (NASDAQ:FTNT) had its target price hoisted by Scotiabank from $110.00 to $115.00 in a research report report published on Tuesday,Benzinga reports. They currently have a sector outperform rating on the software maker’s stock.

A number of other brokerages have also recently weighed in on FTNT. Wedbush lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Rosenblatt Securities lifted their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, The Goldman Sachs Group lifted their target price on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $96.83.

Fortinet Price Performance

NASDAQ:FTNT opened at $97.45 on Tuesday. The business’s 50-day moving average price is $95.65 and its 200 day moving average price is $81.33. The firm has a market cap of $74.69 billion, a P/E ratio of 49.22, a PEG ratio of 2.55 and a beta of 1.00. Fortinet has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter last year, the business posted $0.35 EPS. As a group, sell-side analysts predict that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 directly owns 4,689 shares in the company, valued at approximately $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 have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently modified their holdings of the company. Eastern Bank bought a new stake in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank increased its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $46,000. 83.71% of the stock is currently owned by institutional investors.

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.