Susquehanna Boosts Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its price objective hoisted by investment analysts at Susquehanna from $90.00 to $110.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Susquehanna’s price objective suggests a potential upside of 1.54% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. upped their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. UBS Group upped their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird restated a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Stifel Nicolaus upped their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $102.77.

Fortinet Price Performance

FTNT opened at $108.33 on Monday. The business has a fifty day moving average of $97.93 and a 200 day moving average of $85.67. Fortinet has a 52-week low of $54.57 and a 52-week high of $110.99. 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 stock has a market cap of $83.03 billion, a P/E ratio of 47.93, a PEG ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, sell-side analysts anticipate that Fortinet will post 2.05 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. State Street Corp lifted its position in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. Amundi lifted its position in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.