Rosenblatt Securities Increases Fortinet (NASDAQ:FTNT) Price Target to $125.00

Fortinet (NASDAQ:FTNT) had its price objective hoisted by Rosenblatt Securities from $115.00 to $125.00 in a research note released on Friday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird reissued a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Royal Bank of Canada increased their price target on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $101.43.

Fortinet Stock Up 2.8 %

Shares of FTNT opened at $107.66 on Friday. The business’s 50 day simple moving average is $97.38 and its 200-day simple moving average is $84.56. Fortinet has a 1 year low of $54.57 and a 1 year high of $110.53. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $82.52 billion, a price-to-earnings ratio of 47.64, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. As a group, equities analysts expect that Fortinet will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently modified their holdings of the stock. CWM LLC raised its holdings in shares of Fortinet by 95.0% in the third quarter. CWM LLC now owns 76,564 shares of the software maker’s stock worth $5,938,000 after buying an additional 37,294 shares during the last quarter. Wedmont Private Capital raised its stake in Fortinet by 24.0% in the 3rd quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after acquiring an additional 1,045 shares during the last quarter. Perpetual Ltd lifted its position in Fortinet by 98.7% during the 3rd quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after acquiring an additional 12,054 shares during the period. ORBA Wealth Advisors L.L.C. grew its stake in Fortinet by 30.8% during the 3rd quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock valued at $1,512,000 after purchasing an additional 4,591 shares during the last quarter. Finally, JGP Wealth Management LLC raised its stake in shares of Fortinet by 3.4% in the third quarter. JGP Wealth Management LLC now owns 16,035 shares of the software maker’s stock worth $1,244,000 after purchasing an additional 532 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.