Fortinet, Inc. (NASDAQ:FTNT) Receives $71.31 Average PT from Brokerages

Fortinet, Inc. (NASDAQ:FTNT) has received an average rating of “Hold” from the thirty-three research firms that are presently covering the stock, MarketBeat reports. Twenty-three analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $71.57.

Several research firms have weighed in on FTNT. Rosenblatt Securities lowered their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, July 18th. Finally, Susquehanna lifted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,672 shares of company stock valued at $4,573,864. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vima LLC bought a new position in shares of Fortinet in the 4th quarter valued at $25,000. Winthrop Capital Management LLC bought a new position in Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC grew 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 worth $26,000 after purchasing an additional 217 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter valued at approximately $33,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $75.01 on Wednesday. Fortinet has a 12-month low of $44.12 and a 12-month high of $78.08. The firm’s 50 day moving average is $67.27 and its 200-day moving average is $65.05. The company has a market capitalization of $57.38 billion, a PE ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate 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 net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 EPS. Equities research analysts anticipate that Fortinet will post 1.7 earnings per share for the current fiscal year.

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.