Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Target Price at $70.03

Shares of Fortinet, Inc. (NASDAQ:FTNT) have earned a consensus rating of “Hold” from the thirty-two analysts that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $70.03.

Several research analysts recently weighed in on FTNT shares. Evercore ISI decreased their price objective on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Piper Sandler decreased their price target on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Tuesday, June 11th. JPMorgan Chase & Co. dropped their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, Robert W. Baird dropped their target price on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd.

Fortinet Trading Up 0.4 %

Shares of Fortinet stock opened at $60.27 on Friday. The firm has a market cap of $46.04 billion, a PE ratio of 39.39, a P/E/G ratio of 2.95 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The stock has a fifty day moving average price of $60.58 and a 200-day moving average price of $63.78. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $0.29 EPS. Equities research analysts anticipate that Fortinet will post 1.46 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 586 shares of the stock in a transaction dated Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Large investors have recently made changes to their positions in the business. Vima LLC purchased a new position in Fortinet during the 4th quarter worth $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the first quarter worth about $25,000. Rise Advisors LLC increased its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. Headinvest LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $29,000. Finally, Atwood & Palmer Inc. acquired a new stake in Fortinet in the 4th quarter worth approximately $29,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.