Wells Fargo & Company Boosts Fortinet (NASDAQ:FTNT) Price Target to $70.00

Fortinet (NASDAQ:FTNTFree Report) had its price target hoisted by Wells Fargo & Company from $65.00 to $70.00 in a research note published on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the software maker’s stock.

A number of other research analysts have also recently commented on FTNT. Wedbush boosted their price target on Fortinet from $75.00 to $86.00 and gave the stock an outperform rating in a report on Wednesday. HSBC downgraded Fortinet from a hold rating to a reduce rating and set a $57.00 price objective on the stock. in a research note on Wednesday. Morgan Stanley reduced their price objective on Fortinet from $75.00 to $60.00 and set an overweight rating on the stock in a research note on Friday, November 3rd. Stifel Nicolaus downgraded Fortinet from a buy rating to a hold rating and reduced their price objective for the stock from $69.00 to $52.00 in a research note on Friday, November 3rd. Finally, Daiwa Capital Markets downgraded Fortinet from a buy rating to a neutral rating and set a $62.00 price objective on the stock. in a research note on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of Hold and a consensus price target of $69.76.

View Our Latest Stock Analysis on FTNT

Fortinet Price Performance

NASDAQ FTNT opened at $70.03 on Wednesday. Fortinet has a one year low of $44.12 and a one year high of $81.24. The stock has a 50-day moving average of $59.87 and a 200 day moving average of $59.48. The company has a market capitalization of $53.78 billion, a price-to-earnings ratio of 48.30, a PEG ratio of 2.78 and a beta of 1.09. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a return on equity of 791.78% and a net margin of 21.64%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the company earned $0.38 EPS. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet will post 1.35 EPS for the current year.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 664 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was purchased at an average cost of $52.62 per share, for a total transaction of $34,939.68. Following the purchase, the director now directly owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the sale, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 664 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was acquired at an average price of $52.62 per share, with a total value of $34,939.68. Following the completion of the purchase, the director now owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Insiders sold 148,332 shares of company stock worth $8,704,410 in the last three months. 17.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FTNT. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after purchasing an additional 76,027 shares during the period. Raymond James Trust N.A. increased its holdings in shares of Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after purchasing an additional 441 shares during the period. Zions Bancorporation N.A. increased its holdings in shares of Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after purchasing an additional 73 shares during the period. Brown Brothers Harriman & Co. grew its holdings in Fortinet by 209.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after acquiring an additional 1,049 shares during the period. Finally, Covestor Ltd grew its holdings in Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the period. 65.00% of the stock is owned by institutional investors and hedge funds.

Fortinet Company Profile

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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