Cantor Fitzgerald Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its target price boosted by investment analysts at Cantor Fitzgerald from $95.00 to $110.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 9.02% from the company’s previous close.

Several other research analysts have also recently issued reports on FTNT. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a report on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $97.73.

Fortinet Stock Up 0.0 %

FTNT stock opened at $100.90 on Tuesday. The stock has a market capitalization of $77.33 billion, a PE ratio of 50.96, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Fortinet has a 52 week low of $54.57 and a 52 week high of $102.87. 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 firm has a 50 day moving average of $96.57 and a 200 day moving average of $83.61.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm posted $0.35 earnings per share. Sell-side analysts forecast that Fortinet will post 1.95 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % 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, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently modified their holdings of the company. Eastern Bank acquired a new position in Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new position in Fortinet in the third quarter worth approximately $46,000. Hedge funds and other institutional investors 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.