Fortinet (NASDAQ:FTNT) Given New $90.00 Price Target at Wedbush

Fortinet (NASDAQ:FTNT) had its price objective raised by Wedbush from $78.00 to $90.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

Several other research analysts have also recently issued reports on the stock. Truist Financial lifted their target price on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research report on Thursday, October 17th. Susquehanna raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $77.72.

Fortinet Stock Up 10.0 %

Shares of NASDAQ FTNT traded up $8.36 on Friday, reaching $92.04. 13,790,376 shares of the company’s stock traded hands, compared to its average volume of 3,707,677. 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 business’s 50 day simple moving average is $78.74 and its two-hundred day simple moving average is $68.13. Fortinet has a 12 month low of $49.63 and a 12 month high of $92.53. The company has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00.

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

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings 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 buying an additional 30,542,551 shares during the period. Swedbank AB purchased a new stake in shares of Fortinet during the first quarter valued at about $548,013,000. Marshall Wace LLP boosted its holdings in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after acquiring an additional 1,662,156 shares during the last quarter. 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.