Fortinet (NASDAQ:FTNT) PT Raised to $85.00

Fortinet (NASDAQ:FTNT) had its price target raised by Truist Financial from $70.00 to $85.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Truist Financial’s price target suggests a potential upside of 3.73% from the stock’s current price.

FTNT has been the topic of several other research reports. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. BMO Capital Markets boosted their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Finally, StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.25.

Fortinet Stock Down 0.6 %

Shares of NASDAQ FTNT traded down $0.50 during midday trading on Wednesday, hitting $81.94. The stock had a trading volume of 554,566 shares, compared to its average volume of 5,484,017. The company has a market cap of $62.60 billion, a P/E ratio of 53.69, a PEG ratio of 2.84 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The business’s 50 day moving average is $77.23 and its 200-day moving average is $66.78. Fortinet has a 52 week low of $44.12 and a 52 week high of $83.77.

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

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the business’s 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The transaction 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 business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock worth $6,790,149 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in FTNT. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter worth about $25,000. Winthrop Capital Management LLC purchased a new stake in Fortinet during the 1st quarter worth approximately $25,000. City State Bank raised its holdings 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 acquiring an additional 450 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the third quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.