Fortinet (NASDAQ:FTNT) Given New $80.00 Price Target at Truist Financial

Fortinet (NASDAQ:FTNTGet Free Report) had its price target lifted by research analysts at Truist Financial from $60.00 to $80.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Truist Financial’s price target would indicate a potential upside of 17.91% from the stock’s current price.

FTNT has been the subject of several other reports. Jefferies Financial Group lowered shares of Fortinet from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $85.00 to $65.00 in a report on Thursday, October 19th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target for the company. in a research note on Wednesday. Susquehanna increased their price target on shares of Fortinet from $55.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday. Oppenheimer reiterated a “market perform” rating on shares of Fortinet in a research note on Friday, November 3rd. Finally, Sanford C. Bernstein began coverage on shares of Fortinet in a research note on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $71.41.

View Our Latest Stock Report on FTNT

Fortinet Trading Down 3.1 %

NASDAQ FTNT opened at $67.85 on Wednesday. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The firm has a market capitalization of $52.10 billion, a P/E ratio of 46.79, a PEG ratio of 2.78 and a beta of 1.09. The business has a fifty day simple moving average of $60.17 and a 200 day simple moving average of $59.54. The company has a current ratio of 1.30, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a return on equity of 791.78%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm posted $0.38 EPS. Fortinet’s revenue was up 10.3% on a year-over-year basis. On average, analysts predict that Fortinet will post 1.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 46,733 shares of Fortinet stock in a transaction that occurred 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 46,733 shares of the business’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 24,710 shares of the business’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $53.37, for a total value of $1,318,772.70. Following the completion of the transaction, the chief financial officer now owns 4,586 shares of the company’s stock, valued at $244,754.82. The disclosure for this sale can be found here. Insiders sold 148,332 shares of company stock worth $8,704,410 in the last ninety days. Insiders own 17.54% of the company’s stock.

Hedge Funds Weigh In On Fortinet

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

About Fortinet

(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.

Further Reading

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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