Fortinet (NASDAQ:FTNT) Given New $105.00 Price Target at Wells Fargo & Company

Fortinet (NASDAQ:FTNT) had its price objective raised by Wells Fargo & Company from $85.00 to $105.00 in a report issued on Friday,Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. upped their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Stifel Nicolaus lifted their target price on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Truist Financial restated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Finally, Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently 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. 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 stock has a market cap of $82.52 billion, a PE ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The stock’s fifty day simple moving average is $97.38 and its two-hundred day simple moving average is $84.56. Fortinet has a 1-year low of $54.57 and a 1-year high of $110.53.

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 net margin of 26.79% and a return on equity of 973.30%. As a group, analysts forecast that Fortinet will post 1.95 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction 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 sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the 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 in the company, valued at approximately $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 quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently modified their holdings of the company. Eastern Bank purchased a new stake in Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% in 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 in the last quarter. City State Bank raised its position in Fortinet by 900.0% in the 3rd 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 period. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter worth $46,000. 83.71% of the stock is currently owned by 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.