Fortinet (NASDAQ:FTNT) PT Raised to $76.00

Fortinet (NASDAQ:FTNT) had its price target lifted by equities research analysts at Citigroup from $66.00 to $76.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective would suggest a potential upside of 1.32% from the company’s current price.

Several other research analysts have also issued reports on FTNT. Rosenblatt Securities dropped their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. BMO Capital Markets upped their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Wells Fargo & Company upped their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Robert W. Baird upped their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

NASDAQ:FTNT opened at $75.01 on Friday. Fortinet has a 12-month low of $44.12 and a 12-month high of $78.08. 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 firm has a market capitalization of $57.30 billion, a PE ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm has a 50-day moving average price of $67.27 and a 200 day moving average price of $65.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. Research analysts anticipate that Fortinet will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold a total of 72,672 shares of company stock valued at $4,573,864 over the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors have recently modified their holdings of the company. Vima LLC bought a new stake in shares of Fortinet in the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC lifted its holdings in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Fortinet in the fourth quarter valued at about $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter valued at about $33,000. 83.71% of the stock is currently owned by institutional investors.

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.