Fortinet (NASDAQ:FTNT) Price Target Raised to $110.00

Fortinet (NASDAQ:FTNT) had its price target hoisted by Cantor Fitzgerald from $95.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock. Cantor Fitzgerald also issued estimates for Fortinet’s FY2025 earnings at $2.17 EPS.

Several other research analysts have also recently commented on the stock. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Scotiabank upped their price objective on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, January 21st. Finally, Royal Bank of Canada raised their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $97.73.

Fortinet Stock Down 0.3 %

Fortinet stock opened at $104.72 on Tuesday. The firm has a market capitalization of $80.26 billion, a P/E ratio of 52.89, a P/E/G ratio of 2.65 and a beta of 1.01. The stock’s fifty day simple moving average is $97.13 and its 200-day simple moving average is $84.21. Fortinet has a twelve month low of $54.57 and a twelve month high of $105.82. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. As a group, equities analysts expect that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortinet during the fourth quarter worth $46,000. Finally, City State Bank grew its holdings 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 purchasing an additional 450 shares during the last quarter. 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.