Wells Fargo & Company Increases Fortinet (NASDAQ:FTNT) Price Target to $70.00

Fortinet (NASDAQ:FTNTFree Report) had its price objective upped by Wells Fargo & Company from $65.00 to $70.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Several other research analysts also recently weighed in on FTNT. JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $52.00 to $56.00 and gave the company a neutral rating in a research note on Monday, December 11th. BMO Capital Markets boosted their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a market perform rating in a research note on Wednesday. Citigroup downgraded shares of Fortinet from a buy rating to a neutral rating and boosted their target price for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Royal Bank of Canada cut their target price on shares of Fortinet from $68.00 to $55.00 and set a sector perform rating for the company in a research note on Friday, November 3rd. Finally, Wedbush boosted their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an outperform rating in a research note on Wednesday. Two equities research 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.com, the company has an average rating of Hold and a consensus target price of $71.13.

Check Out Our Latest Stock Report on FTNT

Fortinet Trading Up 3.8 %

NASDAQ:FTNT opened at $70.44 on Wednesday. The company has a market capitalization of $54.09 billion, a PE ratio of 48.58, a price-to-earnings-growth ratio of 3.09 and a beta of 1.09. The company has a quick ratio of 1.17, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The stock has a fifty day simple moving average of $60.53 and a 200-day simple moving average of $59.36.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings results 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 during 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 was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. On average, equities research analysts expect that Fortinet will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the transaction, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at approximately $233,886. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the sale, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at approximately $233,886. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 664 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The shares were purchased at an average cost of $52.62 per share, for a total transaction of $34,939.68. Following the completion of the transaction, the director now owns 293,041 shares in the company, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Insiders have sold a total of 148,332 shares of company stock valued at $8,704,410 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in FTNT. Headinvest LLC bought a new stake in Fortinet in the third quarter valued at $29,000. Atwood & Palmer Inc. bought a new stake in Fortinet in the fourth quarter valued at $29,000. GeoWealth Management LLC bought a new stake in Fortinet in the second quarter valued at $30,000. Retirement Group LLC bought a new stake in Fortinet in the fourth quarter valued at $30,000. Finally, Resurgent Financial Advisors LLC bought a new stake in Fortinet in the fourth quarter valued at $31,000. 65.00% of the stock is currently owned by 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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