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

Fortinet (NASDAQ:FTNT) had its price target upped by Cantor Fitzgerald from $95.00 to $110.00 in a report issued on Tuesday,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also issued reports on FTNT. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Robert W. Baird restated a “neutral” rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $97.73.

Fortinet Trading Up 1.9 %

FTNT opened at $102.78 on Tuesday. The company’s 50 day moving average is $96.70 and its 200-day moving average is $83.92. Fortinet has a 1-year low of $54.57 and a 1-year high of $102.87. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $78.78 billion, a P/E ratio of 51.91, a PEG ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the business earned $0.35 EPS. Equities research analysts predict that Fortinet will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the business’s 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 transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Fortinet by 10.3% during 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 valued at $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Finally, FMR LLC lifted its holdings in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.