Fortinet (NASDAQ:FTNT) Price Target Raised to $90.00 at TD Cowen

Fortinet (NASDAQ:FTNT) had its price target raised by TD Cowen from $75.00 to $90.00 in a research report sent to investors on Wednesday, Benzinga reports. TD Cowen currently has a buy rating on the software maker’s stock.

Several other analysts have also commented on FTNT. Morgan Stanley lowered their price target on shares of Fortinet from $73.00 to $69.00 and set an overweight rating on the stock in a research report on Wednesday, July 17th. Royal Bank of Canada raised their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a sector perform rating in a research report on Wednesday, August 7th. DZ Bank upgraded shares of Fortinet from a sell rating to a hold rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Hsbc Global Res upgraded shares of Fortinet from a moderate sell rating to a hold rating in a research report on Wednesday, August 7th. Finally, Guggenheim lowered shares of Fortinet from a buy rating to a neutral rating in a research report on Monday, July 29th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of Hold and a consensus price target of $72.64.

Fortinet Trading Up 0.5 %

Shares of Fortinet stock opened at $82.87 on Wednesday. Fortinet has a 12-month low of $44.12 and a 12-month high of $83.04. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a market cap of $63.39 billion, a PE ratio of 49.04, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a 50-day moving average of $74.98 and a two-hundred day moving average of $66.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 earnings per share. On average, research analysts anticipate that Fortinet will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock valued at $6,337,801 in the last quarter. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares during the period. Simplicity Wealth LLC boosted its holdings in shares of Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after buying an additional 180 shares during the period. Werlinich Asset Management LLC boosted its holdings in shares of Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after buying an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its holdings in shares of Fortinet by 0.9% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

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.