Fortinet (NASDAQ:FTNT) Price Target Raised to $125.00 at Rosenblatt Securities

Fortinet (NASDAQ:FTNT) had its price objective increased by Rosenblatt Securities from $115.00 to $125.00 in a research report report published on Friday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

Several other brokerages have also issued reports on FTNT. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, January 24th. Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. Finally, Citigroup lifted their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $101.43.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $107.66 on Friday. Fortinet has a one year low of $54.57 and a one year high of $110.53. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $82.52 billion, a price-to-earnings ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01. The company’s fifty day moving average price is $97.38 and its 200-day moving average price is $84.56.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, equities research analysts anticipate that Fortinet will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently modified their holdings of the stock. FMR LLC lifted its position in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Amundi grew its stake in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC increased its holdings in Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after buying an additional 1,682,708 shares during the last quarter. State Street Corp increased its stake in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Fortinet during the 4th quarter valued at about $69,381,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.