Rosenblatt Securities Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target boosted by research analysts at Rosenblatt Securities from $100.00 to $115.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 17.06% from the stock’s current price.

Several other equities research analysts have also commented on FTNT. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group upped their price target on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. Finally, Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.83.

Fortinet Stock Performance

NASDAQ FTNT opened at $98.24 on Tuesday. The firm has a market cap of $75.30 billion, a P/E ratio of 49.62, a P/E/G ratio of 2.55 and a beta of 1.00. 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 business’s 50-day moving average price is $95.59 and its 200 day moving average price is $81.22. Fortinet has a 52-week low of $54.57 and a 52-week high of $101.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the previous year, the firm posted $0.35 EPS. On average, equities research analysts expect that Fortinet will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last quarter. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in FTNT. Forsta AP Fonden boosted its position in Fortinet by 0.4% during the 4th quarter. Forsta AP Fonden now owns 136,000 shares of the software maker’s stock worth $12,849,000 after acquiring an additional 500 shares during the period. Smith Group Asset Management LLC raised its stake in shares of Fortinet by 3.7% during the fourth quarter. Smith Group Asset Management LLC now owns 15,935 shares of the software maker’s stock valued at $1,506,000 after purchasing an additional 565 shares in the last quarter. R Squared Ltd acquired a new stake in Fortinet in the fourth quarter worth about $65,000. SteelPeak Wealth LLC bought a new position in Fortinet in the 4th quarter valued at about $329,000. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in Fortinet by 5.5% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 23,289 shares of the software maker’s stock valued at $2,200,000 after buying an additional 1,213 shares during the period. 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.