Mizuho Boosts Fortinet (NASDAQ:FTNT) Price Target to $70.00

Fortinet (NASDAQ:FTNTFree Report) had its target price upped by Mizuho from $60.00 to $70.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Mizuho currently has a neutral rating on the software maker’s stock.

Several other brokerages have also recently issued reports on FTNT. Evercore ISI reissued an in-line rating and issued a $51.00 target price (down from $78.00) on shares of Fortinet in a research report on Friday, November 3rd. Royal Bank of Canada decreased their target price on Fortinet from $68.00 to $55.00 and set a sector perform rating for the company in a research report on Friday, November 3rd. Cantor Fitzgerald reissued a neutral rating and set a $50.00 price target on shares of Fortinet in a research report on Tuesday, November 21st. Susquehanna assumed coverage on shares of Fortinet in a report on Friday, December 15th. They issued a neutral rating and a $55.00 price target on the stock. Finally, Rosenblatt Securities upped their target price on Fortinet from $65.00 to $85.00 and gave the company a buy rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $71.13.

Check Out Our Latest Stock Analysis on FTNT

Fortinet Trading Up 3.8 %

NASDAQ FTNT opened at $70.44 on Wednesday. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.17, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock’s 50-day simple moving average is $60.53 and its two-hundred day simple moving average is $59.36. The company has a market capitalization of $54.09 billion, a price-to-earnings ratio of 48.58, a PEG ratio of 3.09 and a beta of 1.09.

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 analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 EPS. Research analysts forecast that Fortinet will post 1.36 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the sale, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director William H. Neukom acquired 664 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was purchased at an average cost of $52.62 per share, with a total value 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. Also, CFO Keith Jensen sold 5,100 shares of Fortinet stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the transaction, the chief financial officer now owns 4,586 shares of the company’s stock, valued at approximately $233,886. The disclosure for this sale can be found here. Insiders sold a total of 148,332 shares of company stock valued at $8,704,410 in the last three months. 17.54% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

A number of large investors have recently made changes to their positions in the stock. Covestor Ltd raised its position in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the last quarter. GeoWealth Management LLC acquired a new stake in Fortinet during the second quarter worth about $30,000. Zions Bancorporation N.A. raised its holdings in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares during the period. Grove Bank & Trust grew its holdings in shares of Fortinet by 40.5% during the 2nd quarter. Grove Bank & Trust now owns 461 shares of the software maker’s stock worth $35,000 after purchasing an additional 133 shares during the period. Finally, Atwood & Palmer Inc. purchased a new position in Fortinet in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 65.00% of the company’s stock.

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.

Further Reading

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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