Fortinet (NASDAQ:FTNT) Price Target Raised to $95.00 at Raymond James

Fortinet (NASDAQ:FTNT) had its price target boosted by Raymond James from $85.00 to $95.00 in a report published on Friday,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other research analysts also recently commented on FTNT. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Wells Fargo & Company raised their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Morgan Stanley reduced their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Robert W. Baird upped their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday. One analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $77.72.

Fortinet Stock Performance

Shares of Fortinet stock traded up $8.36 on Friday, reaching $92.04. The stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The business’s 50-day moving average price is $78.74 and its two-hundred day moving average price is $68.13. The stock has a market cap of $70.40 billion, a P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet has a fifty-two week low of $49.63 and a fifty-two week high of $92.53.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share. On average, sell-side analysts forecast that Fortinet will post 1.75 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 70,538 shares of company stock valued at $5,403,559 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. Vanguard Group Inc. lifted its position in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after acquiring an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB raised its holdings in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the period. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.