Fortinet, Inc. (NASDAQ:FTNT) Receives $104.80 Consensus Price Target from Brokerages

Fortinet, Inc. (NASDAQ:FTNTGet Free Report) has been assigned a consensus rating of “Hold” from the thirty-four research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $104.80.

FTNT has been the subject of a number of recent research reports. Jefferies Financial Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Cantor Fitzgerald cut their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. UBS Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Stifel Nicolaus cut their price objective on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a report on Thursday, May 8th. Finally, Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a “neutral” rating in a report on Tuesday, April 22nd.

Check Out Our Latest Report on Fortinet

Fortinet Stock Down 0.8%

Shares of FTNT opened at $100.83 on Friday. Fortinet has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market cap of $77.18 billion, a P/E ratio of 44.62, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The firm’s 50-day simple moving average is $101.38 and its 200 day simple moving average is $100.14. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 EPS. Fortinet’s quarterly revenue was up 13.8% on a year-over-year basis. On average, analysts forecast that Fortinet will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several large investors have recently modified their holdings of FTNT. Eagle Capital Management LLC grew its holdings in Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock worth $2,473,000 after purchasing an additional 404 shares during the period. Brighton Jones LLC grew its holdings in Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares during the period. Kestra Private Wealth Services LLC grew its holdings in Fortinet by 117.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 13,953 shares of the software maker’s stock worth $1,318,000 after purchasing an additional 7,547 shares during the period. Essex Financial Services Inc. acquired a new stake in Fortinet in the fourth quarter worth $235,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in Fortinet by 154.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 387,777 shares of the software maker’s stock worth $36,742,000 after purchasing an additional 235,245 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Company Profile

(Get Free Report

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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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