Wells Fargo & Company Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target increased by investment analysts at Wells Fargo & Company from $85.00 to $105.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 0.88% from the company’s current price.

A number of other analysts also recently commented on FTNT. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $99.23.

Fortinet Stock Down 0.6 %

NASDAQ FTNT traded down $0.64 on Friday, reaching $104.08. The company had a trading volume of 2,130,198 shares, compared to its average volume of 4,092,170. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $79.77 billion, a P/E ratio of 52.70, a P/E/G ratio of 2.65 and a beta of 1.01. The company’s fifty day moving average is $97.13 and its 200 day moving average is $84.21. Fortinet has a 52-week low of $54.57 and a 52-week high of $110.53.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. Sell-side analysts anticipate that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently modified their holdings of FTNT. State Street Corp boosted its position in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC boosted its stake in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after purchasing an additional 156,766 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. 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.