Fortinet (NASDAQ:FTNT) Given New $80.00 Price Target at Susquehanna

Fortinet (NASDAQ:FTNTFree Report) had its target price increased by Susquehanna from $55.00 to $80.00 in a research note released on Wednesday, Benzinga reports. Susquehanna currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of several other reports. Barclays reissued an equal weight rating and issued a $63.00 price target (down from $71.00) on shares of Fortinet in a research report on Friday, October 13th. HSBC downgraded Fortinet from a hold rating to a reduce rating and set a $57.00 target price on the stock. in a research note on Wednesday. Jefferies Financial Group downgraded Fortinet from a buy rating to a hold rating and dropped their target price for the stock from $85.00 to $65.00 in a research note on Thursday, October 19th. Daiwa Capital Markets downgraded Fortinet from a buy rating to a neutral rating and set a $62.00 price target on the stock. in a research note on Wednesday, January 17th. Finally, Royal Bank of Canada dropped their price target on Fortinet from $68.00 to $55.00 and set a sector perform rating on the stock in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $69.76.

View Our Latest Stock Report on FTNT

Fortinet Price Performance

Shares of FTNT stock opened at $70.03 on Wednesday. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30. The firm has a market capitalization of $53.78 billion, a P/E ratio of 48.30, a P/E/G ratio of 2.78 and a beta of 1.09. The stock has a 50 day moving average price of $59.87 and a 200 day moving average price of $59.48.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a return on equity of 791.78% and a net margin of 21.64%. Fortinet’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company earned $0.38 EPS. As a group, sell-side analysts predict that Fortinet will post 1.35 earnings per share for the current year.

Insider Activity

In other news, Director William H. Neukom acquired 664 shares of the company’s stock in a transaction dated Wednesday, December 6th. The stock was acquired at an average cost of $52.62 per share, with a total value of $34,939.68. Following the completion of the purchase, the director now owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 46,733 shares of Fortinet stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William H. Neukom bought 664 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was bought at an average price of $52.62 per share, with a total value of $34,939.68. Following the completion of the acquisition, the director now owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 148,332 shares of company stock valued at $8,704,410. 17.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fortinet by 24.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after buying an additional 76,027 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after purchasing an additional 441 shares during the last quarter. Zions Bancorporation N.A. lifted its holdings in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after purchasing an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in shares of Fortinet by 209.4% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after purchasing an additional 1,049 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares during the last quarter. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

About Fortinet

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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