Fortinet (NASDAQ:FTNT) PT Raised to $90.00 at TD Cowen

Fortinet (NASDAQ:FTNT) had its target price boosted by research analysts at TD Cowen from $75.00 to $90.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. TD Cowen’s price objective would suggest a potential upside of 9.12% from the stock’s previous close.

Other analysts have also issued reports about the stock. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. Rosenblatt Securities lowered their target price on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Barclays raised their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $72.64.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $82.48 on Wednesday. Fortinet has a 52 week low of $44.12 and a 52 week high of $82.50. The stock has a market capitalization of $63.01 billion, a P/E ratio of 53.91, a PEG ratio of 2.77 and a beta of 1.00. The firm has a fifty day simple moving average of $74.45 and a two-hundred day simple moving average of $66.07. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

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

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,210 shares of company stock valued at $6,337,801. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several large investors have recently made changes to their positions in the business. Vima LLC purchased a new stake in Fortinet during the fourth quarter worth $25,000. Winthrop Capital Management LLC purchased a new stake in Fortinet during the first quarter worth $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in Fortinet during the fourth quarter worth $32,000. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet during the second quarter worth $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.