Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00 at Stifel Nicolaus

Fortinet (NASDAQ:FTNT) had its price target raised by Stifel Nicolaus from $103.00 to $115.00 in a research report released on Friday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other equities research analysts have also recently issued reports on FTNT. Mizuho raised their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Wedbush upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Citigroup raised their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $101.43.

Fortinet Stock Up 2.8 %

Fortinet stock opened at $107.66 on Friday. Fortinet has a 12 month low of $54.57 and a 12 month high of $110.53. The stock has a fifty day simple moving average of $97.38 and a two-hundred day simple moving average of $84.56. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $82.52 billion, a price-to-earnings ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Equities analysts predict that Fortinet will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated 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 transaction, 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. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Eastern Bank bought a new position in Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter worth about $46,000. Finally, City State Bank lifted its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during 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.