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

Fortinet (NASDAQ:FTNT) had its target price lifted by analysts at Rosenblatt Securities from $115.00 to $125.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price target suggests a potential upside of 19.37% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a report on Thursday, December 19th. Finally, Citigroup increased their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.07.

Fortinet Price Performance

Fortinet stock opened at $104.72 on Friday. The company has a market cap of $80.26 billion, a price-to-earnings ratio of 52.89, a PEG ratio of 2.65 and a beta of 1.01. The firm’s fifty day moving average is $97.13 and its 200 day moving average is $84.21. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a 52-week low of $54.57 and a 52-week high of $105.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 net margin of 26.79% and a return on equity of 973.30%. Sell-side analysts forecast that Fortinet will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

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

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.