Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Price Target at $107.00

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received an average recommendation of “Hold” from the thirty-four ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, twenty have given a hold recommendation, eleven have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $107.00.

A number of equities research analysts have issued reports on FTNT shares. Stifel Nicolaus decreased their target price on Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research report on Thursday, May 8th. Morgan Stanley reduced their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. BMO Capital Markets reduced their price objective on Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a research report on Thursday, May 8th. Finally, Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th.

Fortinet Stock Up 1.2%

Shares of Fortinet stock opened at $98.55 on Friday. The stock has a market capitalization of $75.43 billion, a P/E ratio of 40.56, a PEG ratio of 3.36 and a beta of 1.07. 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 stock has a 50 day moving average price of $103.17 and a two-hundred day moving average price of $101.96. Fortinet has a 12-month low of $54.57 and a 12-month high of $114.82.

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

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares during the period. Saudi Central Bank acquired a new stake in Fortinet in the first quarter worth about $25,000. Clearstead Trust LLC acquired a new stake in Fortinet in the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd increased its position in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares during the period. Finally, ORG Partners LLC grew its position in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares during the period. 83.71% of the stock is currently 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.