Cantor Fitzgerald Boosts Fortinet (NASDAQ:FTNT) Price Target to $65.00

Fortinet (NASDAQ:FTNT) had its price target boosted by Cantor Fitzgerald from $55.00 to $65.00 in a research report released on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the software maker’s stock. Cantor Fitzgerald also issued estimates for Fortinet’s FY2024 earnings at $1.84 EPS.

Other analysts have also issued reports about the stock. Wedbush reaffirmed an outperform rating and set a $78.00 price objective on shares of Fortinet in a research note on Wednesday. TD Cowen upgraded shares of Fortinet from a hold rating to a buy rating and set a $75.00 price objective on the stock in a research report on Thursday, July 18th. Barclays reduced their target price on Fortinet from $75.00 to $70.00 and set an equal weight rating for the company in a report on Thursday, July 11th. JPMorgan Chase & Co. lowered their price target on Fortinet from $67.00 to $63.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Finally, Truist Financial reduced their price objective on Fortinet from $80.00 to $70.00 and set a buy rating for the company in a research note on Friday, May 3rd. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $71.31.

Fortinet Trading Up 1.5 %

FTNT stock traded up $1.01 on Wednesday, hitting $69.69. 6,988,618 shares of the company’s stock traded hands, compared to its average volume of 5,926,143. The stock has a market cap of $53.24 billion, a price-to-earnings ratio of 45.55, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet has a 1-year low of $44.12 and a 1-year high of $73.91. The stock has a fifty day moving average of $59.59 and a 200-day moving average of $63.74.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 EPS. On average, equities research analysts anticipate that Fortinet will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders sold 91,915 shares of company stock valued at $5,401,638. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the period. Swedbank AB grew its holdings in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Fortinet by 15.0% in the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

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.