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

Fortinet (NASDAQ:FTNT) had its price target lifted by Susquehanna from $90.00 to $110.00 in a research note published on Monday,Benzinga reports. Susquehanna currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. Barclays raised their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.77.

Fortinet Trading Down 0.6 %

NASDAQ FTNT opened at $107.70 on Monday. The company’s fifty day simple moving average is $98.12 and its 200-day simple moving average is $85.82. The stock has a market cap of $82.55 billion, a P/E ratio of 47.66, a PEG ratio of 2.75 and a beta of 1.01. Fortinet has a 52 week low of $54.57 and a 52 week high of $110.99. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities research analysts predict that Fortinet will post 2.05 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were 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 represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter valued at $724,048,000. Schroder Investment Management Group bought a new position in Fortinet during the fourth quarter valued at about $389,867,000. FMR LLC grew its holdings in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after acquiring an additional 2,151,811 shares in the last quarter. Finally, Amundi lifted its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after acquiring an additional 1,766,860 shares during the last quarter. Institutional investors 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.