Fortinet (NASDAQ:FTNT) Given New $69.00 Price Target at Morgan Stanley

Fortinet (NASDAQ:FTNTGet Rating) had its price target decreased by Morgan Stanley from $71.00 to $69.00 in a report released on Tuesday, Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

A number of other equities analysts have also recently commented on FTNT. Sumitomo Mitsui Financial Group initiated coverage on Fortinet in a research note on Friday, October 7th. They issued an outperform rating and a $70.00 price target on the stock. Oppenheimer reduced their target price on Fortinet from $80.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday, November 3rd. BMO Capital Markets reduced their target price on Fortinet from $68.00 to $58.00 and set an outperform rating on the stock in a research note on Thursday, November 3rd. Deutsche Bank Aktiengesellschaft reduced their target price on Fortinet from $63.00 to $53.00 and set a hold rating on the stock in a research note on Monday. Finally, Raymond James dropped their price target on Fortinet from $70.00 to $60.00 and set an outperform rating on the stock in a research report on Thursday, November 3rd. Seven research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of Moderate Buy and a consensus price target of $66.15.

Fortinet Trading Up 1.1 %

Shares of NASDAQ FTNT opened at $51.09 on Tuesday. The stock has a market cap of $39.91 billion, a price-to-earnings ratio of 56.39, a P/E/G ratio of 2.59 and a beta of 1.13. Fortinet has a 1-year low of $42.61 and a 1-year high of $71.52. The stock’s 50-day moving average is $50.82 and its 200 day moving average is $52.35.

Fortinet (NASDAQ:FTNTGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The software maker reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. Fortinet’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period last year, the firm posted $0.15 EPS. On average, analysts forecast that Fortinet will post 0.9 EPS for the current fiscal year.

Insider Activity

In other news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the transaction, the vice president now directly owns 12,876 shares of the company’s stock, valued at $708,180. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 18.80% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds have recently bought and sold shares of the company. Ritholtz Wealth Management increased its position in Fortinet by 40.7% during the third quarter. Ritholtz Wealth Management now owns 10,897 shares of the software maker’s stock valued at $535,000 after acquiring an additional 3,150 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Fortinet by 4.2% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 30,885 shares of the software maker’s stock valued at $1,517,000 after acquiring an additional 1,250 shares during the last quarter. Lazard Asset Management LLC increased its position in Fortinet by 525.3% during the second quarter. Lazard Asset Management LLC now owns 479,543 shares of the software maker’s stock valued at $27,132,000 after acquiring an additional 402,855 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Fortinet during the third quarter valued at $1,265,000. Finally, CoreCap Advisors LLC increased its position in Fortinet by 200.7% during the second quarter. CoreCap Advisors LLC now owns 3,810 shares of the software maker’s stock valued at $216,000 after acquiring an additional 2,543 shares during the last quarter. Hedge funds and other institutional investors own 64.35% of the company’s stock.

About Fortinet

(Get Rating)

Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.

Further Reading

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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