Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Price Target at $70.03

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received an average recommendation of “Hold” from the thirty-two analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, twenty have issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $70.03.

Several equities research analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research report on Tuesday, June 11th. HSBC lowered their target price on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research note on Friday, May 3rd. Royal Bank of Canada lowered their target price on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Morgan Stanley lowered their target price on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Finally, Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,235 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the transaction, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,638 shares of company stock valued at $5,705,568. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Cetera Advisors LLC increased its holdings in shares of Fortinet by 91.6% during the 1st quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock worth $2,269,000 after purchasing an additional 15,880 shares during the period. Cetera Investment Advisers increased its holdings in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the period. PGGM Investments increased its holdings in shares of Fortinet by 0.8% during the 1st quarter. PGGM Investments now owns 175,791 shares of the software maker’s stock worth $12,008,000 after purchasing an additional 1,360 shares during the period. Swedbank AB bought a new position in shares of Fortinet during the 1st quarter worth about $548,013,000. Finally, Sanibel Captiva Trust Company Inc. increased its holdings in shares of Fortinet by 0.9% during the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 179,110 shares of the software maker’s stock worth $12,235,000 after purchasing an additional 1,526 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 1.9 %

FTNT opened at $61.01 on Friday. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a 50-day simple moving average of $60.43 and a 200 day simple moving average of $63.82. The stock has a market capitalization of $46.61 billion, a price-to-earnings ratio of 39.88, a P/E/G ratio of 2.95 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the business posted $0.29 earnings per share. Fortinet’s revenue was up 7.2% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet will post 1.46 EPS for the current fiscal year.

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.