Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00 at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its target price raised by stock analysts at Royal Bank of Canada from $97.00 to $115.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s target price indicates a potential upside of 7.15% from the stock’s previous close.

FTNT has been the subject of several other reports. Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Scotiabank raised their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $101.43.

Fortinet Trading Up 2.5 %

Shares of NASDAQ:FTNT traded up $2.61 during trading on Friday, reaching $107.33. The stock had a trading volume of 8,467,271 shares, compared to its average volume of 4,385,121. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market cap of $82.26 billion, a P/E ratio of 54.17, a PEG ratio of 2.65 and a beta of 1.01. The business has a fifty day moving average price of $97.13 and a 200-day moving average price of $84.21. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $110.53.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. As a group, analysts anticipate that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently made changes to their positions in the stock. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the fourth quarter worth $46,000. Finally, City State Bank increased its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.