Cantor Fitzgerald Raises Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its price target lifted by stock analysts at Cantor Fitzgerald from $100.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price target points to a potential upside of 4.84% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. BMO Capital Markets cut their price objective on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a research report on Thursday, May 8th. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Scotiabank decreased their price objective on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 8th. KeyCorp lowered their price objective on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $106.48.

Fortinet Trading Up 1.4%

Shares of Fortinet stock opened at $104.92 on Wednesday. Fortinet has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $103.14 and its 200-day moving average is $101.18. The stock has a market cap of $80.31 billion, a P/E ratio of 43.18, a P/E/G ratio of 3.57 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the firm posted $0.43 earnings per share. The business’s revenue was up 13.8% on a year-over-year basis. Equities research analysts predict that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Several hedge funds have recently bought and sold shares of the stock. SJS Investment Consulting Inc. raised its stake in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Saudi Central Bank bought a new position in shares of Fortinet in the 1st quarter valued at about $25,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the 4th quarter valued at about $27,000. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter worth approximately $28,000. Finally, Caitong International Asset Management Co. Ltd raised its position in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the period. Hedge funds and other institutional investors 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.