Fortinet (NASDAQ:FTNT) Given New $85.00 Price Target at Rosenblatt Securities

Fortinet (NASDAQ:FTNT) had its target price boosted by equities research analysts at Rosenblatt Securities from $72.00 to $85.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 7.77% from the company’s current price.

A number of other research firms also recently commented on FTNT. Robert W. Baird raised their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday, October 17th. Cantor Fitzgerald increased their target price on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday. TD Cowen upped their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Susquehanna increased their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $74.68.

Fortinet Price Performance

NASDAQ FTNT opened at $78.87 on Thursday. The stock has a market capitalization of $60.33 billion, a PE ratio of 46.47, a P/E/G ratio of 2.92 and a beta of 1.00. The stock has a 50-day simple moving average of $77.90 and a 200 day simple moving average of $67.30. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet has a twelve month low of $44.12 and a twelve month high of $83.77.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned $0.31 earnings per share. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. Research analysts anticipate that Fortinet will post 1.74 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’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 approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the company. 1834 Investment Advisors Co. bought a new position in shares of Fortinet during the 3rd quarter valued at about $278,000. HMS Capital Management LLC raised its holdings in Fortinet by 9.0% during the 3rd quarter. HMS Capital Management LLC now owns 30,024 shares of the software maker’s stock worth $2,328,000 after buying an additional 2,475 shares during the period. NorthRock Partners LLC bought a new position in Fortinet in the third quarter valued at approximately $212,000. Amalgamated Bank boosted its holdings in shares of Fortinet by 1.8% in the third quarter. Amalgamated Bank now owns 137,093 shares of the software maker’s stock valued at $10,632,000 after buying an additional 2,412 shares during the period. Finally, United Advisor Group LLC bought a new stake in shares of Fortinet during the third quarter worth $347,000. 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.