Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT) had its price target increased by investment analysts at Wells Fargo & Company from $85.00 to $105.00 in a report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.88% from the company’s previous close.

A number of other research analysts also recently commented on FTNT. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research note on Monday. Stifel Nicolaus upped their price target on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $99.23.

Fortinet Stock Performance

NASDAQ:FTNT traded down $0.64 during mid-day trading on Friday, reaching $104.08. 2,130,198 shares of the company’s stock were exchanged, compared to its average volume of 4,092,170. 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 quick ratio of 1.25 and a current ratio of 1.34. The business’s fifty day simple moving average is $97.13 and its two-hundred day simple moving average is $84.21. The firm has a market capitalization of $79.77 billion, a PE ratio of 52.70, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. Analysts anticipate that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was 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, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last quarter. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC increased its position in Fortinet by 1.6% in the 4th quarter. Larson Financial Group LLC now owns 10,751 shares of the software maker’s stock valued at $1,016,000 after buying an additional 172 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Fortinet by 1.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 508,078 shares of the software maker’s stock valued at $48,003,000 after acquiring an additional 8,389 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Fortinet by 1.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 375,080 shares of the software maker’s stock worth $37,467,000 after purchasing an additional 4,997 shares during the period. Andra AP fonden lifted its holdings in shares of Fortinet by 12.8% in the 4th quarter. Andra AP fonden now owns 200,600 shares of the software maker’s stock worth $18,953,000 after purchasing an additional 22,800 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in Fortinet in the 4th quarter valued at $6,027,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

About Fortinet

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.