Fortinet (NASDAQ:FTNT) Price Target Raised to $82.00

Fortinet (NASDAQ:FTNTFree Report) had its price objective raised by BMO Capital Markets from $70.00 to $82.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a market perform rating on the software maker’s stock.

Several other analysts have also weighed in on FTNT. Morgan Stanley decreased their price target on Fortinet from $75.00 to $60.00 and set an overweight rating on the stock in a report on Friday, November 3rd. TheStreet lowered Fortinet from a b rating to a c+ rating in a report on Thursday, November 2nd. StockNews.com lowered Fortinet from a buy rating to a hold rating in a report on Wednesday, January 10th. Needham & Company LLC initiated coverage on Fortinet in a report on Wednesday, October 25th. They set a hold rating on the stock. Finally, Wedbush increased their price target on Fortinet from $75.00 to $86.00 and gave the company an outperform rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $71.13.

View Our Latest Stock Analysis on FTNT

Fortinet Stock Up 3.8 %

Shares of FTNT opened at $70.44 on Wednesday. The stock has a market capitalization of $54.09 billion, a price-to-earnings ratio of 48.58, a price-to-earnings-growth ratio of 2.88 and a beta of 1.09. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The business’s 50 day simple moving average is $60.53 and its 200-day simple moving average is $59.49. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.17.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. As a group, equities analysts expect that Fortinet will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 664 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was purchased at an average cost of $52.62 per share, for a total transaction of $34,939.68. Following the purchase, the director now directly owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the sale, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 664 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were bought at an average price of $52.62 per share, with a total value of $34,939.68. Following the completion of the purchase, the director now directly owns 293,041 shares in the company, valued at $15,419,817.42. The disclosure for this purchase can be found here. Insiders sold 148,332 shares of company stock worth $8,704,410 in the last three months. 17.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. raised its stake in Fortinet by 2.1% in the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after buying an additional 595,952 shares during the last quarter. State Street Corp raised its stake in Fortinet by 2.5% in the second quarter. State Street Corp now owns 26,042,793 shares of the software maker’s stock valued at $1,968,575,000 after buying an additional 647,200 shares during the last quarter. Geode Capital Management LLC raised its stake in Fortinet by 1.0% in the first quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after buying an additional 147,048 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after buying an additional 14,586,086 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after buying an additional 5,765,174 shares during the last quarter. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Company Profile

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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