Fortinet (NASDAQ:FTNT) Price Target Raised to $125.00 at Rosenblatt Securities

Fortinet (NASDAQ:FTNT) had its price objective lifted by equities research analysts at Rosenblatt Securities from $115.00 to $125.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ target price indicates a potential upside of 19.37% from the company’s current price.

A number of other equities analysts have also commented on FTNT. Jefferies Financial Group increased their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Citigroup increased their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Wedbush increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $98.07.

Fortinet Stock Performance

NASDAQ FTNT opened at $104.72 on Friday. Fortinet has a 1 year low of $54.57 and a 1 year high of $105.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $80.26 billion, a PE ratio of 52.89, a P/E/G ratio of 2.65 and a beta of 1.01. The company’s 50 day simple moving average is $97.13 and its two-hundred day simple moving average is $84.21.

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

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was purchased 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 directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through 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 transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of large investors have recently made changes to their positions in the stock. FMR LLC grew its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after purchasing an additional 1,682,708 shares in the last quarter. State Street Corp lifted its holdings in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Fortinet during the fourth quarter valued at approximately $69,381,000. Finally, Worldquant Millennium Advisors LLC lifted its holdings in Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares in the last quarter. 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.