Barclays Increases Fortinet (NASDAQ:FTNT) Price Target to $95.00

Fortinet (NASDAQ:FTNT) had its target price hoisted by Barclays from $85.00 to $95.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

Several other analysts also recently issued reports on FTNT. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Robert W. Baird upped their price objective on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday. Wells Fargo & Company lifted their price target on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Finally, HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $77.72.

Fortinet Stock Up 10.0 %

Shares of FTNT stock traded up $8.36 during trading on Friday, reaching $92.04. The company’s stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The company has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. Fortinet has a one year low of $49.63 and a one year high of $92.53. The business has a fifty day moving average price of $78.74 and a 200-day moving average price of $68.13. 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 earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. Analysts anticipate that Fortinet will post 1.75 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last three months. 18.00% of the stock is currently owned by insiders.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB raised its position in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the period. Marshall Wace LLP lifted its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the last quarter. 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.