Fortinet (NASDAQ:FTNT) Price Target Raised to $80.00

Fortinet (NASDAQ:FTNTGet Free Report) had its target price lifted by research analysts at Susquehanna from $55.00 to $80.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Susquehanna’s target price points to a potential upside of 17.91% from the company’s current price.

A number of other research firms have also commented on FTNT. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday. HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, December 11th. Finally, Stifel Nicolaus lowered shares of Fortinet from a “buy” rating to a “hold” rating and dropped their price target for the stock from $69.00 to $52.00 in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $71.41.

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Fortinet Trading Down 3.1 %

Shares of 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 P/E/G ratio of 2.78 and a beta of 1.09. The firm has a 50-day moving average price of $60.17 and a 200 day moving average price 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 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 for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Fortinet’s revenue for the quarter was up 10.3% compared to the same quarter last year. Sell-side analysts forecast that Fortinet will post 1.35 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 24,710 shares of the stock in a transaction that occurred on Friday, November 24th. The stock was 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 directly owns 4,586 shares of the company’s stock, valued at approximately $244,754.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Keith Jensen sold 24,710 shares of the stock in a transaction dated 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 in the company, valued at approximately $244,754.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 664 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were bought at an average price of $52.62 per share, for a total transaction of $34,939.68. Following the completion of the transaction, the director now directly owns 293,041 shares in the company, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 148,332 shares of company stock worth $8,704,410. 17.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. grew its holdings in Fortinet by 2.1% during the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock worth $2,181,456,000 after acquiring an additional 595,952 shares during the period. State Street Corp lifted its position in Fortinet by 2.5% in the 2nd quarter. State Street Corp now owns 26,042,793 shares of the software maker’s stock worth $1,968,575,000 after buying an additional 647,200 shares in the last quarter. Geode Capital Management LLC raised its position in Fortinet by 1.0% during the first quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after acquiring an additional 147,048 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after buying an additional 14,586,086 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. 65.00% of the stock is owned by institutional investors.

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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