Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Susquehanna Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective increased by Susquehanna from $90.00 to $110.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other equities research analysts have also recently issued reports on FTNT. Wedbush raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Rosenblatt Securities lifted their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday. Finally, Truist Financial restated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $102.77.

Fortinet Stock Up 1.8 %

FTNT stock opened at $109.55 on Monday. Fortinet has a one year low of $54.57 and a one year high of $110.99. The stock has a market capitalization of $83.96 billion, a P/E ratio of 48.47, a PEG ratio of 2.75 and a beta of 1.01. The company has a 50 day moving average price of $97.67 and a two-hundred day moving average price of $85.31. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, sell-side analysts expect that Fortinet will post 2.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in the company. Manchester Capital Management LLC raised its stake in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the last quarter. Fielder Capital Group LLC boosted its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its holdings in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares during the period. Finally, Truvestments Capital LLC lifted its position in Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after acquiring an additional 127 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.