Fortinet (NASDAQ:FTNT) PT Raised to $86.00 at Wedbush

Fortinet (NASDAQ:FTNTFree Report) had its price objective raised by Wedbush from $75.00 to $86.00 in a research report released on Wednesday, Benzinga reports. The firm currently has an outperform rating on the software maker’s stock. Wedbush also issued estimates for Fortinet’s Q1 2024 earnings at $0.31 EPS, Q2 2024 earnings at $0.30 EPS, Q4 2024 earnings at $0.40 EPS, FY2024 earnings at $1.39 EPS, Q4 2025 earnings at $0.47 EPS and FY2025 earnings at $1.61 EPS.

A number of other research analysts also recently weighed in on the stock. Mizuho decreased their target price on shares of Fortinet from $68.00 to $65.00 and set a neutral rating for the company in a research report on Monday, October 16th. Morgan Stanley decreased their target price on shares of Fortinet from $75.00 to $60.00 and set an overweight rating for the company in a research report on Friday, November 3rd. Needham & Company LLC began coverage on shares of Fortinet in a research note on Wednesday, October 25th. They set a hold rating on the stock. Sanford C. Bernstein began coverage on Fortinet in a research note on Thursday, January 18th. They issued a market perform rating and a $65.00 price objective on the stock. Finally, Susquehanna began coverage on Fortinet in a research note on Friday, December 15th. They issued a neutral rating and a $55.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $71.13.

View Our Latest Research Report on Fortinet

Fortinet Trading Up 3.8 %

Shares of NASDAQ FTNT opened at $70.44 on Wednesday. The company’s 50 day simple moving average is $60.53 and its 200 day simple moving average is $59.36. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.17. The firm has a market capitalization of $54.09 billion, a P/E ratio of 48.58, a P/E/G ratio of 3.09 and a beta of 1.09. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the business posted $0.38 earnings per share. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, analysts predict that Fortinet will post 1.36 EPS for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 25,885 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $51.29, for a total value of $1,327,641.65. Following the completion of the transaction, the vice president now owns 29,907,018 shares of the company’s stock, valued at $1,533,930,953.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 25,885 shares of the stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $51.29, for a total transaction of $1,327,641.65. Following the sale, the vice president now owns 29,907,018 shares of the company’s stock, valued at approximately $1,533,930,953.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,332 shares of company stock valued at $8,704,410. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after acquiring an additional 76,027 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after acquiring an additional 441 shares in the last quarter. Zions Bancorporation N.A. lifted its position in shares of Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares in the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after acquiring an additional 1,049 shares in the last quarter. Finally, Covestor Ltd lifted its position in Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 65.00% of the company’s stock.

About Fortinet

(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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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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