Fortinet (NASDAQ:FTNT) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Fortinet (NASDAQ:FTNT) in a report published on Friday,Benzinga reports. Piper Sandler currently has a $135.00 price objective on the software maker’s stock, up from their prior price objective of $120.00.

FTNT has been the subject of several other reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday. Barclays upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $101.43.

Fortinet Stock Up 2.8 %

Shares of NASDAQ FTNT opened at $107.66 on Friday. The firm has a 50 day moving average price of $97.38 and a 200 day moving average price of $84.94. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $82.52 billion, a P/E ratio of 47.64, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet has a 52-week low of $54.57 and a 52-week high of $110.53.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Analysts expect that Fortinet will post 2.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. 18.00% of the stock is currently owned by insiders.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Eastern Bank bought a new position in shares of Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth $46,000. Finally, City State Bank raised its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.