Fortinet, Inc. (NASDAQ:FTNT) Receives $71.57 Average Price Target from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received a consensus rating of “Hold” from the thirty-three brokerages that are presently covering the stock, Marketbeat Ratings reports. Twenty-three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $72.11.

Several research firms have recently issued reports on FTNT. 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 research note on Thursday, July 18th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. Finally, Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock worth $6,337,801 in the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares in the last quarter. Simplicity Wealth LLC increased its stake in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after purchasing an additional 174 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares in the last quarter. Werlinich Asset Management LLC boosted its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC grew its holdings in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after purchasing an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.4 %

Shares of FTNT opened at $77.78 on Friday. The company has a market capitalization of $59.42 billion, a price-to-earnings ratio of 50.84, a PEG ratio of 2.77 and a beta of 1.00. Fortinet has a 52 week low of $44.12 and a 52 week high of $79.08. The stock’s 50-day moving average price is $73.50 and its 200-day moving average price is $65.85. 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 data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned $0.31 EPS. The business’s revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts predict that Fortinet will post 1.72 EPS for the current year.

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.