Fortinet (NASDAQ:FTNT) Given New $85.00 Price Target at Rosenblatt Securities

Fortinet (NASDAQ:FTNTFree Report) had its price objective lifted by Rosenblatt Securities from $65.00 to $85.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other analysts have also recently weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Fortinet from $52.00 to $56.00 and gave the stock a neutral rating in a report on Monday, December 11th. Oppenheimer reissued a market perform rating on shares of Fortinet in a report on Friday, November 3rd. Capital One Financial cut Fortinet from an overweight rating to an equal weight rating in a report on Wednesday, January 17th. Needham & Company LLC assumed coverage on Fortinet in a research note on Wednesday, October 25th. They issued a hold rating for the company. Finally, Piper Sandler lowered their price target on Fortinet from $65.00 to $50.00 and set a neutral rating for the company in a research note on Friday, November 3rd. One research 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 company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $69.76.

Read Our Latest Report on FTNT

Fortinet Trading Up 3.8 %

Shares of FTNT stock opened at $70.03 on Wednesday. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a current ratio of 1.30, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38. The firm’s fifty day simple moving average is $59.87 and its 200 day simple moving average is $59.48. The firm has a market capitalization of $53.78 billion, a P/E ratio of 48.30, a price-to-earnings-growth ratio of 2.78 and a beta of 1.09.

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

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,332 shares of company stock valued at $8,704,410. Corporate insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Large investors have recently made changes to their positions in the business. Penserra Capital Management LLC lifted its holdings in shares of Fortinet by 6.6% during the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after purchasing an additional 41 shares during the last quarter. Evergreen Capital Management LLC raised its stake in Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after acquiring an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC raised its stake in Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after acquiring an additional 50 shares during the last quarter. Covestor Ltd raised its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC raised its stake in Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after acquiring an additional 66 shares during the last quarter. 65.00% of the stock is currently owned by institutional investors.

Fortinet Company Profile

(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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