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

Fortinet (NASDAQ:FTNT) had its target price hoisted by Truist Financial from $70.00 to $85.00 in a report issued on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Barclays lifted their target price on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. TD Cowen lifted their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. BMO Capital Markets raised their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Finally, HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.25.

Fortinet Stock Down 0.3 %

FTNT opened at $80.34 on Wednesday. Fortinet has a 52 week low of $44.12 and a 52 week high of $83.77. The business has a 50 day moving average price of $77.64 and a two-hundred day moving average price of $67.05. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a market cap of $61.45 billion, a PE ratio of 47.54, a P/E/G ratio of 2.92 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly 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. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet will post 1.74 EPS for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock worth $6,790,149 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Gateway Investment Advisers LLC raised its position in shares of Fortinet by 38.5% in the 1st quarter. Gateway Investment Advisers LLC now owns 20,869 shares of the software maker’s stock worth $1,426,000 after buying an additional 5,804 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in shares of Fortinet by 138.1% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after purchasing an additional 5,820 shares in the last quarter. Transform Wealth LLC lifted its stake in shares of Fortinet by 3.3% in the 1st quarter. Transform Wealth LLC now owns 133,887 shares of the software maker’s stock valued at $9,146,000 after purchasing an additional 4,291 shares in the last quarter. Atlantic Union Bankshares Corp grew its holdings in shares of Fortinet by 7.9% during the 1st quarter. Atlantic Union Bankshares Corp now owns 41,139 shares of the software maker’s stock worth $2,810,000 after purchasing an additional 2,997 shares during the period. Finally, New England Research & Management Inc. increased its position in Fortinet by 8.7% during the 1st quarter. New England Research & Management Inc. now owns 12,475 shares of the software maker’s stock worth $852,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

About Fortinet

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.