Fortinet (NASDAQ:FTNT) Price Target Raised to $83.00 at UBS Group

Fortinet (NASDAQ:FTNT) had its target price upped by UBS Group from $70.00 to $83.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of several other reports. Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. BMO Capital Markets boosted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Royal Bank of Canada upped their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Robert W. Baird boosted their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Barclays increased their price objective on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $77.72.

Fortinet Stock Up 10.0 %

Shares of FTNT traded up $8.36 during mid-day trading on Friday, hitting $92.04. The company’s stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The firm has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. Fortinet has a 52-week low of $49.63 and a 52-week high of $92.53. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company’s 50-day moving average is $78.74 and its 200-day moving average is $68.13.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 EPS. On average, equities research analysts forecast that Fortinet will post 1.75 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 70,538 shares of company stock worth $5,403,559. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Eastern Bank bought a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at $25,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Finally, City State Bank grew its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Company Profile

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.