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

Fortinet (NASDAQ:FTNT) had its price objective raised by research analysts at Barclays from $74.00 to $85.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price target indicates a potential upside of 9.28% from the company’s previous close.

FTNT has been the topic of several other reports. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. DZ Bank upgraded 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. Finally, UBS Group upped their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $72.11.

Fortinet Price Performance

NASDAQ FTNT opened at $77.78 on Monday. The company has a market cap of $59.42 billion, a PE ratio of 50.84, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet has a 52 week low of $44.12 and a 52 week high of $79.08. 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 firm’s 50-day simple moving average is $73.50 and its two-hundred day simple moving average is $65.85.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 the consensus estimate 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 revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. Research analysts predict that Fortinet will post 1.72 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was 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 in the company, valued at $2,927,125,412.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was 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 in the company, valued at $2,927,125,412.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Large investors have recently bought and sold shares of the business. Sanibel Captiva Trust Company Inc. bought a new stake in Fortinet in the 4th quarter worth about $10,394,000. Advanced Portfolio Management LLC purchased a new position in Fortinet in the fourth quarter worth about $1,537,000. GAMMA Investing LLC boosted its position in Fortinet by 26.9% in the first quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock worth $683,000 after purchasing an additional 2,118 shares during the last quarter. Sarasin & Partners LLP boosted its position in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Finally, Banque Cantonale Vaudoise boosted its position in Fortinet by 71.1% in the first quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock worth $4,945,000 after purchasing an additional 30,084 shares during the last quarter. 83.71% of the stock is currently owned by 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.