Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Fortinet (NASDAQ:FTNT) had its target price lifted by The Goldman Sachs Group from $114.00 to $130.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other analysts also recently issued research reports about the stock. Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Stifel Nicolaus lifted their price target on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday. Jefferies Financial Group upped their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $101.43.

Fortinet Stock Performance

Shares of FTNT stock opened at $107.66 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $82.52 billion, a PE ratio of 54.37, a P/E/G ratio of 2.65 and a beta of 1.01. The company’s fifty day simple moving average is $97.38 and its 200-day simple moving average is $84.56. Fortinet has a 52 week low of $54.57 and a 52 week high of $110.53.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 return on equity of 973.30% and a net margin of 26.79%. As a group, equities research analysts anticipate that Fortinet will post 1.95 EPS for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTNT. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank increased its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the third quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.