Fortinet (NASDAQ:FTNT) Given New $110.00 Price Target at Cantor Fitzgerald

Fortinet (NASDAQ:FTNT) had its price target raised by investment analysts at Cantor Fitzgerald from $95.00 to $110.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 4.69% from the company’s previous close. Cantor Fitzgerald also issued estimates for Fortinet’s FY2025 earnings at $2.17 EPS.

Several other analysts also recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Jefferies Financial Group increased 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. Wedbush boosted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $97.73.

Fortinet Trading Up 2.2 %

FTNT opened at $105.07 on Tuesday. Fortinet has a 52 week low of $54.57 and a 52 week high of $105.12. The stock has a market cap of $80.53 billion, a PE ratio of 53.07, a PEG ratio of 2.65 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average of $96.92 and a 200-day moving average of $84.07.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the business posted $0.35 EPS. Equities research analysts predict that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the 4th quarter valued at approximately $46,000. Finally, City State Bank grew its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.