Scotiabank Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target lifted by analysts at Scotiabank from $75.00 to $85.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price target would indicate a potential upside of 3.68% from the company’s current price.

A number of other brokerages have also weighed in on FTNT. TD Cowen upped their target price on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. Truist Financial lifted their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $75.68.

Fortinet Stock Down 2.0 %

Fortinet stock opened at $81.98 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a market capitalization of $62.71 billion, a PE ratio of 49.52, a PEG ratio of 2.78 and a beta of 1.00. The firm’s fifty day moving average is $78.43 and its 200 day moving average is $67.93. Fortinet has a 12-month low of $49.63 and a 12-month high of $83.83.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The business’s revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 in the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several hedge funds have recently bought and sold shares of FTNT. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $25,000. Eastern Bank purchased a new stake in Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet during the 2nd quarter valued at about $33,000. 83.71% of the stock is currently owned by institutional investors.

About Fortinet

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.