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

Fortinet (NASDAQ:FTNT) had its price objective raised by Susquehanna from $90.00 to $110.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other equities analysts have also recently weighed in on the stock. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada upped their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. The Goldman Sachs Group increased their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Scotiabank raised their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $102.77.

Fortinet Trading Down 0.6 %

NASDAQ FTNT opened at $107.70 on Monday. Fortinet has a 52-week low of $54.57 and a 52-week high of $110.99. The firm has a 50-day moving average price of $98.12 and a 200 day moving average price of $85.82. The stock has a market capitalization of $82.55 billion, a P/E ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. 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 earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities research analysts expect that Fortinet will post 2.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly 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. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last 90 days. 18.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the fourth quarter valued at approximately $27,000. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its holdings in shares of 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 acquiring an additional 173 shares in the last quarter. Finally, Graney & King LLC purchased a new stake in Fortinet during the 4th quarter worth $43,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.