Fortinet (NASDAQ:FTNT) Price Target Raised to $88.00

Fortinet (NASDAQ:FTNT) had its price objective increased by Cantor Fitzgerald from $65.00 to $88.00 in a report issued on Tuesday, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Barclays upped their price target on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada boosted their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $74.68.

Fortinet Price Performance

NASDAQ FTNT opened at $78.66 on Tuesday. The company has a 50 day moving average price of $77.98 and a two-hundred day moving average price of $67.38. Fortinet has a 12-month low of $44.12 and a 12-month high of $83.77. The stock has a market capitalization of $60.17 billion, a PE ratio of 46.54, a price-to-earnings-growth ratio of 2.78 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.

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

Insider Transactions at Fortinet

In related 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 transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last three months. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in the stock. Eagle Capital Management LLC lifted its position in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares in the last quarter. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Simplicity Wealth LLC increased its stake 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. Finally, Werlinich Asset Management LLC lifted its stake in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after acquiring an additional 180 shares during the period. Institutional investors 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.