Fortinet (NASDAQ:FTNT) Price Target Increased to $70.00 by Analysts at Wells Fargo & Company

Fortinet (NASDAQ:FTNTFree Report) had its price target raised by Wells Fargo & Company from $65.00 to $70.00 in a research report report published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the software maker’s stock.

A number of other research firms have also recently issued reports on FTNT. Cantor Fitzgerald reiterated a neutral rating and issued a $50.00 target price on shares of Fortinet in a research note on Tuesday, November 21st. Wedbush lifted their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an outperform rating in a research note on Wednesday. Rosenblatt Securities lifted their target price on shares of Fortinet from $65.00 to $85.00 and gave the company a buy rating in a research note on Wednesday. Needham & Company LLC began coverage on shares of Fortinet in a research note on Wednesday, October 25th. They issued a hold rating for the company. Finally, The Goldman Sachs Group reduced their target price on shares of Fortinet from $70.00 to $60.00 and set a buy rating for the company in a research note on Monday, November 6th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $69.76.

View Our Latest Report on FTNT

Fortinet Stock Performance

Shares of FTNT opened at $70.03 on Wednesday. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a 50-day moving average of $59.87 and a two-hundred day moving average of $59.48. The stock has a market cap of $53.78 billion, a price-to-earnings ratio of 48.30, a PEG ratio of 2.78 and a beta of 1.09. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.30 and a quick ratio of 1.17.

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

Insider Activity

In other news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $51.00, for a total value of $260,100.00. Following the sale, the chief financial officer now owns 4,586 shares in the company, valued at approximately $233,886. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $51.00, for a total transaction of $260,100.00. Following the transaction, the chief financial officer now owns 4,586 shares in the company, valued at approximately $233,886. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 664 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were purchased at an average cost of $52.62 per share, with a total value of $34,939.68. Following the completion of the acquisition, the director now directly owns 293,041 shares in the company, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 148,332 shares of company stock worth $8,704,410. Corporate insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd raised its holdings in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the last quarter. GeoWealth Management LLC bought a new stake in shares of Fortinet in the 2nd quarter valued at about $30,000. Zions Bancorporation N.A. increased its stake 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 acquiring an additional 73 shares during the last quarter. Grove Bank & Trust increased its stake in shares of Fortinet by 40.5% in the 2nd quarter. Grove Bank & Trust now owns 461 shares of the software maker’s stock valued at $35,000 after acquiring an additional 133 shares during the last quarter. Finally, Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter valued at about $29,000. 65.00% of the stock is owned by 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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