Fortinet (NASDAQ:FTNT) Price Target Increased to $370.00 by Analysts at Wedbush

Fortinet (NASDAQ:FTNTGet Rating) had its target price increased by Wedbush from $350.00 to $370.00 in a report released on Thursday morning, Marketbeat reports. Wedbush currently has an outperform rating on the software maker’s stock.

A number of other brokerages have also recently issued reports on FTNT. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fortinet from $305.00 to $250.00 and set a hold rating for the company in a research report on Thursday, March 17th. The Goldman Sachs Group lifted their target price on shares of Fortinet from $362.00 to $390.00 in a research report on Tuesday. Citigroup lifted their target price on shares of Fortinet from $390.00 to $405.00 and gave the stock a buy rating in a research report on Friday, February 4th. Barclays upgraded shares of Fortinet from an equal weight rating to an overweight rating and lifted their target price for the stock from $364.00 to $395.00 in a research report on Tuesday, March 29th. Finally, Bank of America cut shares of Fortinet from a buy rating to a neutral rating and cut their target price for the stock from $385.00 to $355.00 in a research report on Friday, March 25th. Ten research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of Buy and an average price target of $343.61.

Shares of NASDAQ FTNT opened at $331.76 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.55 and a debt-to-equity ratio of 1.24. Fortinet has a 52 week low of $192.78 and a 52 week high of $371.77. The firm has a 50-day moving average price of $319.37 and a 200 day moving average price of $320.73. The stock has a market capitalization of $53.35 billion, a price-to-earnings ratio of 91.65, a price-to-earnings-growth ratio of 6.05 and a beta of 1.15.

Fortinet (NASDAQ:FTNTGet Rating) last announced its quarterly earnings data on Thursday, February 3rd. The software maker reported $0.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.13. Fortinet had a net margin of 18.16% and a return on equity of 50.79%. The firm had revenue of $963.60 million during the quarter, compared to analysts’ expectations of $962.75 million. During the same quarter last year, the business earned $0.83 earnings per share. Equities research analysts expect that Fortinet will post 3.63 EPS for the current fiscal year.

In other Fortinet news, CFO Keith Jensen sold 3,127 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The shares were sold at an average price of $316.36, for a total transaction of $989,257.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Whittle sold 1,704 shares of the business’s stock in a transaction that occurred on Monday, March 21st. The stock was sold at an average price of $315.50, for a total transaction of $537,612.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,250 shares of company stock valued at $4,102,974. 18.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MUFG Americas Holdings Corp acquired a new position in shares of Fortinet during the third quarter worth $25,000. Rise Advisors LLC acquired a new position in shares of Fortinet during the fourth quarter worth $25,000. Liberty Wealth Management LLC acquired a new position in shares of Fortinet during the third quarter worth $29,000. Strategic Asset Management LLC acquired a new position in shares of Fortinet during the third quarter worth $31,000. Finally, Glassman Wealth Services lifted its position in shares of Fortinet by 127.7% during the third quarter. Glassman Wealth Services now owns 107 shares of the software maker’s stock worth $31,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 68.03% of the company’s stock.

About Fortinet (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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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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