Fortinet (NASDAQ:FTNT) Given New $85.00 Price Target at Rosenblatt Securities

Fortinet (NASDAQ:FTNTGet Free Report) had its target price upped by stock analysts at Rosenblatt Securities from $65.00 to $85.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price target points to a potential upside of 25.28% from the company’s current price.

Several other analysts also recently commented on the stock. Susquehanna assumed coverage on shares of Fortinet in a report on Friday, December 15th. They set a “neutral” rating and a $55.00 target price for the company. Jefferies Financial Group downgraded shares of Fortinet from a “buy” rating to a “hold” rating and cut their price objective for the company from $85.00 to $65.00 in a report on Thursday, October 19th. The Goldman Sachs Group cut their price objective on shares of Fortinet from $70.00 to $60.00 and set a “buy” rating for the company in a report on Monday, November 6th. William Blair downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating in a report on Friday, November 3rd. Finally, TheStreet downgraded shares of Fortinet from a “b” rating to a “c+” rating in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $71.41.

Read Our Latest Analysis on FTNT

Fortinet Stock Down 3.1 %

Shares of NASDAQ FTNT opened at $67.85 on Wednesday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30. The firm has a market cap of $52.10 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 2.78 and a beta of 1.09. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The stock’s 50-day simple moving average is $60.17 and its 200-day simple moving average is $59.54.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the business’s stock in a transaction on Tuesday, January 9th. The shares were 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 SEC, which is available through this link. In other news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 24,710 shares of the stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $53.37, for a total transaction of $1,318,772.70. Following the completion of the sale, the chief financial officer now directly owns 4,586 shares in the company, valued at $244,754.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,332 shares of company stock valued at $8,704,410. 17.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors have recently modified their holdings of the stock. Headinvest LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the fourth quarter worth about $29,000. GeoWealth Management LLC acquired a new position in shares of Fortinet during the second quarter worth $30,000. Retirement Group LLC acquired a new stake in Fortinet in the fourth quarter valued at $30,000. Finally, Resurgent Financial Advisors LLC bought a new position in shares of Fortinet during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 65.00% of the company’s stock.

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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