Susquehanna Boosts Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its price target raised by stock analysts at Susquehanna from $90.00 to $110.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Susquehanna’s target price points to a potential downside of 0.56% from the stock’s previous close.

FTNT has been the subject of several other reports. BMO Capital Markets upped their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday. Citigroup raised their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $102.77.

Fortinet Trading Up 2.7 %

Shares of FTNT stock traded up $2.96 on Monday, hitting $110.62. 1,135,170 shares of the company’s stock traded hands, compared to its average volume of 4,373,233. The stock has a market capitalization of $84.78 billion, a price-to-earnings ratio of 48.94, a P/E/G ratio of 2.75 and a beta of 1.01. The company’s fifty day simple moving average is $97.38 and its 200 day simple moving average is $84.94. Fortinet has a one year low of $54.57 and a one year high of $110.99. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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

Insider Buying and Selling

In related news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was 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 worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Manchester Capital Management LLC increased its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the last quarter. Fielder Capital Group LLC increased its stake in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC boosted its holdings in Fortinet by 3.0% in the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares in the last quarter. Hedge funds and other institutional investors 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.