Wedbush Raises Fortinet (NASDAQ:FTNT) Price Target to $86.00

Fortinet (NASDAQ:FTNTFree Report) had its price target hoisted by Wedbush from $75.00 to $86.00 in a research report released on Wednesday, Benzinga reports. Wedbush currently has an outperform rating on the software maker’s stock. Wedbush also issued estimates for Fortinet’s Q1 2024 earnings at $0.31 EPS, Q2 2024 earnings at $0.30 EPS, Q4 2024 earnings at $0.40 EPS, FY2024 earnings at $1.39 EPS, Q4 2025 earnings at $0.47 EPS and FY2025 earnings at $1.61 EPS.

A number of other research firms have also recently commented on FTNT. Jefferies Financial Group cut shares of Fortinet from a buy rating to a hold rating and decreased their target price for the stock from $85.00 to $65.00 in a research note on Thursday, October 19th. Rosenblatt Securities lifted their price objective on shares of Fortinet from $65.00 to $85.00 and gave the company a buy rating in a research report on Wednesday. HSBC cut shares of Fortinet from a hold rating to a reduce rating and set a $57.00 price objective on the stock. in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $52.00 to $56.00 and gave the company a neutral rating in a research report on Monday, December 11th. Finally, Needham & Company LLC initiated coverage on shares of Fortinet in a research report on Wednesday, October 25th. They set a hold rating on the stock. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of Hold and a consensus target price of $71.13.

Read Our Latest Analysis on FTNT

Fortinet Price Performance

NASDAQ FTNT opened at $70.44 on Wednesday. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a market cap of $54.09 billion, a price-to-earnings ratio of 48.58, a PEG ratio of 2.88 and a beta of 1.09. The company’s 50 day moving average is $60.53 and its two-hundred day moving average is $59.49. The company has a current ratio of 1.19, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the business earned $0.38 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet will post 1.35 earnings per share for the current year.

Insider Activity

In other news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $51.00, for a total transaction of $260,100.00. Following the completion of the sale, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Keith Jensen sold 5,100 shares of Fortinet stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the sale, the chief financial officer now directly owns 4,586 shares in the company, valued at $233,886. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 price of $52.62 per share, with a total value of $34,939.68. Following the completion of the acquisition, the director now directly owns 293,041 shares of the company’s stock, valued at $15,419,817.42. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 148,332 shares of company stock valued at $8,704,410. 17.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its holdings in Fortinet by 6.6% in the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares in the last quarter. Evergreen Capital Management LLC raised its holdings in Fortinet by 5.2% in the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC raised its holdings in Fortinet by 6.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd raised its holdings in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC raised its holdings in Fortinet by 3.7% in the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after purchasing an additional 66 shares in the last quarter. 65.00% of the stock is currently owned by 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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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