Fortinet (NASDAQ:FTNT) Price Target Increased to $63.00 by Analysts at Deutsche Bank Aktiengesellschaft

Fortinet (NASDAQ:FTNTGet Rating) had its price target increased by research analysts at Deutsche Bank Aktiengesellschaft from $60.00 to $63.00 in a research report issued to clients and investors on Thursday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 18.00% from the stock’s previous close.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group raised their target price on Fortinet from $72.40 to $78.00 in a research report on Tuesday, April 12th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday. Wedbush cut their price objective on Fortinet from $74.00 to $68.00 in a research report on Thursday, May 5th. BMO Capital Markets upgraded Fortinet from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research report on Tuesday, June 28th. Finally, Barclays cut their price objective on Fortinet to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, June 28th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Fortinet has a consensus rating of “Moderate Buy” and a consensus price target of $72.01.

Fortinet Price Performance

Fortinet stock opened at $53.39 on Thursday. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.12 and a quick ratio of 1.20. The company has a market capitalization of $42.85 billion, a PE ratio of 65.91, a price-to-earnings-growth ratio of 3.82 and a beta of 1.14. Fortinet has a one year low of $48.73 and a one year high of $74.35. The business has a 50 day simple moving average of $62.78 and a 200 day simple moving average of $61.86.

Fortinet (NASDAQ:FTNTGet Rating) last posted its earnings results on Wednesday, May 4th. The software maker reported $0.17 EPS for the quarter, topping the consensus estimate of $0.10 by $0.07. The business had revenue of $954.80 million during the quarter, compared to the consensus estimate of $886.45 million. Fortinet had a return on equity of 128.66% and a net margin of 17.66%. Fortinet’s revenue was up 34.4% on a year-over-year basis. During the same quarter last year, the company earned $0.11 EPS. On average, sell-side analysts forecast that Fortinet will post 0.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 7,888 shares of Fortinet stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $284.10, for a total transaction of $2,240,980.80. Following the transaction, the chief financial officer now directly owns 883 shares in the company, valued at $250,860.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Keith Jensen sold 7,888 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $284.10, for a total value of $2,240,980.80. Following the sale, the chief financial officer now directly owns 883 shares in the company, valued at $250,860.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 8,267 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the completion of the sale, the vice president now owns 29,772,120 shares in the company, valued at $1,805,381,356.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,132 shares of company stock worth $3,528,902. Corporate insiders own 18.60% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised its holdings in Fortinet by 346.2% during the second quarter. State Board of Administration of Florida Retirement System now owns 783,080 shares of the software maker’s stock worth $44,307,000 after acquiring an additional 607,597 shares in the last quarter. Halbert Hargrove Global Advisors LLC raised its holdings in Fortinet by 418.1% during the second quarter. Halbert Hargrove Global Advisors LLC now owns 4,145 shares of the software maker’s stock worth $235,000 after acquiring an additional 3,345 shares in the last quarter. Lindenwold Advisors raised its holdings in Fortinet by 402.9% during the second quarter. Lindenwold Advisors now owns 28,440 shares of the software maker’s stock worth $1,609,000 after acquiring an additional 22,785 shares in the last quarter. Meridian Wealth Management LLC raised its holdings in Fortinet by 400.2% during the second quarter. Meridian Wealth Management LLC now owns 155,427 shares of the software maker’s stock worth $8,794,000 after acquiring an additional 124,356 shares in the last quarter. Finally, TrinityPoint Wealth LLC raised its holdings in Fortinet by 559.2% during the second quarter. TrinityPoint Wealth LLC now owns 3,929 shares of the software maker’s stock worth $222,000 after acquiring an additional 3,333 shares in the last quarter. 67.47% of the stock is currently owned by institutional investors.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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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