Fortinet (NASDAQ:FTNT) Price Target Raised to $320.00

Fortinet (NASDAQ:FTNTGet Rating) had its price objective lifted by equities researchers at Deutsche Bank Aktiengesellschaft from $250.00 to $320.00 in a research report issued on Thursday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 11.35% from the stock’s current price.

A number of other equities research analysts have also recently commented on FTNT. Citigroup increased their price target on Fortinet from $390.00 to $405.00 and gave the company a “buy” rating in a research note on Friday, February 4th. StockNews.com initiated coverage on Fortinet in a research note on Thursday, March 31st. They issued a “hold” rating for the company. The Goldman Sachs Group raised their price objective on Fortinet from $362.00 to $390.00 in a research note on Tuesday, April 12th. UBS Group reduced their price objective on Fortinet from $370.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, February 4th. Finally, Barclays upgraded Fortinet from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $364.00 to $395.00 in a research note on Tuesday, March 29th. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Buy” and a consensus price target of $360.38.

Shares of NASDAQ FTNT opened at $287.37 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.55 and a quick ratio of 1.48. The stock has a market capitalization of $46.21 billion, a P/E ratio of 79.38, a price-to-earnings-growth ratio of 4.45 and a beta of 1.21. Fortinet has a 1-year low of $195.96 and a 1-year high of $371.77. The business has a fifty day moving average price of $319.33 and a 200 day moving average price of $321.64.

Fortinet (NASDAQ:FTNTGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The software maker reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.14. The firm had revenue of $954.80 million during the quarter, compared to analysts’ expectations of $886.45 million. Fortinet had a return on equity of 50.79% and a net margin of 18.16%. The firm’s quarterly revenue was up 34.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 EPS. As a group, equities research analysts anticipate that Fortinet will post 3.64 earnings per share for the current fiscal year.

In related news, CFO Keith Jensen sold 3,127 shares of Fortinet stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $316.36, for a total transaction of $989,257.72. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 1,704 shares of Fortinet stock in a transaction that occurred on Monday, March 21st. The stock was sold at an average price of $315.50, for a total value of $537,612.00. The disclosure for this sale can be found here. Insiders sold 8,431 shares of company stock worth $2,655,218 over the last ninety days. Corporate insiders own 18.60% of the company’s stock.

A number of institutional investors have recently made changes to their positions in FTNT. MUFG Americas Holdings Corp purchased a new position in Fortinet during the third quarter worth approximately $25,000. Rise Advisors LLC purchased a new position in Fortinet during the fourth quarter worth approximately $25,000. Atwood & Palmer Inc. purchased a new position in Fortinet during the first quarter worth approximately $26,000. Liberty Wealth Management LLC purchased a new position in Fortinet during the third quarter worth approximately $29,000. Finally, Glassman Wealth Services lifted its position in 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 buying an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 67.47% of the company’s stock.

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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