Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Price Target at $71.31

Fortinet, Inc. (NASDAQ:FTNT) has been assigned a consensus rating of “Hold” from the thirty-three research firms that are currently covering the firm, MarketBeat reports. Twenty-three investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $71.57.

A number of brokerages recently weighed in on FTNT. BMO Capital Markets lifted their target price 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. Cantor Fitzgerald boosted their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th.

Fortinet Stock Up 0.7 %

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

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

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The shares were 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 owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were 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 of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,672 shares of company stock valued at $4,573,864. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently modified their holdings of the stock. TFO Wealth Partners LLC raised its stake in shares of Fortinet by 72,668.0% in the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after buying an additional 18,167 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in Fortinet during the fourth quarter valued at about $10,394,000. Janney Montgomery Scott LLC boosted its position in Fortinet by 121.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock worth $14,333,000 after purchasing an additional 134,265 shares during the period. Hsbc Holdings PLC increased its stake in shares of Fortinet by 30.2% in the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock worth $98,080,000 after purchasing an additional 389,098 shares in the last quarter. Finally, Advanced Portfolio Management LLC bought a new stake in shares of Fortinet in the fourth quarter valued at approximately $1,537,000. Institutional investors 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.