Fortinet (NASDAQ:FTNT) PT Raised to $90.00 at Scotiabank

Fortinet (NASDAQ:FTNTGet Free Report) had its target price upped by Scotiabank from $70.00 to $90.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price target suggests a potential upside of 32.65% from the stock’s current price.

A number of other equities research analysts have also commented on the stock. UBS Group upped their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price for the company. in a report on Wednesday. Needham & Company LLC began coverage on Fortinet in a research report on Wednesday, October 25th. They issued a “hold” rating on the stock. Oppenheimer reiterated a “market perform” rating on shares of Fortinet in a research report on Friday, November 3rd. Finally, The Goldman Sachs Group reduced their price objective on shares of Fortinet from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, November 6th. 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $71.41.

Check Out Our Latest Research Report on Fortinet

Fortinet Stock Performance

NASDAQ FTNT opened at $67.85 on Wednesday. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.30 and a quick ratio of 1.17. 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. The company has a fifty day moving average price of $60.17 and a 200-day moving average price of $59.54.

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

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 664 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was purchased at an average cost of $52.62 per share, with a total value of $34,939.68. Following the purchase, the director now owns 293,041 shares in the company, valued at $15,419,817.42. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom acquired 664 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were bought 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 directly owns 293,041 shares in the company, valued at $15,419,817.42. The disclosure for this purchase can be found here. Insiders have sold a total of 148,332 shares of company stock worth $8,704,410 over the last ninety days. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC lifted its holdings in shares of Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after buying an additional 14,586,086 shares during the period. Norges Bank purchased a new position in shares of Fortinet in the 4th quarter valued at about $312,964,000. Nordea Investment Management AB raised its stake in shares of Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the period. Bank of Montreal Can purchased a new position in Fortinet during the second quarter valued at $175,298,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Fortinet by 79.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after purchasing an additional 1,585,236 shares in the last quarter. 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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