Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) PT at $105.69

Shares of Fortinet, Inc. (NASDAQ:FTNT) have earned an average recommendation of “Hold” from the thirty-three research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $105.77.

FTNT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Stephens started coverage on Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Morgan Stanley initiated coverage on Fortinet in a report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price target for the company.

Fortinet Price Performance

FTNT stock opened at $84.71 on Friday. Fortinet has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market capitalization of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The business has a 50 day simple moving average of $102.59 and a 200-day simple moving average of $93.87.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities research analysts anticipate that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently added to or reduced their stakes in FTNT. Norges Bank acquired a new position in shares of Fortinet in the 4th quarter valued at $724,048,000. Schroder Investment Management Group acquired a new position in Fortinet in the fourth quarter valued at $389,867,000. FMR LLC grew its holdings in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after purchasing an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.