Barclays Raises Fortinet (NASDAQ:FTNT) Price Target to $85.00

Fortinet (NASDAQ:FTNT) had its target price boosted by Barclays from $74.00 to $85.00 in a research report released on Monday morning, Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

Several other analysts have also recently weighed in on the company. DZ Bank raised Fortinet from a sell rating to a hold rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a neutral rating in a report on Wednesday, August 7th. HSBC raised shares of Fortinet from a reduce rating to a hold rating and set a $59.00 target price for the company in a report on Wednesday, August 7th. Rosenblatt Securities cut their price target on Fortinet from $85.00 to $68.00 and set a buy rating on the stock in a research note on Monday, August 5th. Finally, Scotiabank lifted their price objective on Fortinet from $61.00 to $75.00 and gave the stock a sector outperform rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $72.64.

Fortinet Price Performance

FTNT opened at $82.48 on Monday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market capitalization of $63.01 billion, a P/E ratio of 53.91, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company’s 50 day simple moving average is $74.45 and its 200-day simple moving average is $66.07. Fortinet has a one year low of $44.12 and a one year high of $82.50.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS. Sell-side analysts anticipate that Fortinet will post 1.72 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock worth $6,337,801 over the last ninety days. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently made changes to their positions in the company. Vima LLC acquired a new position in Fortinet in the 4th quarter valued at $25,000. Winthrop Capital Management LLC bought a new position in Fortinet during the first quarter worth about $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet during the second quarter worth approximately $33,000. 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.