Fortinet (NASDAQ:FTNT) Rating Reiterated by Wedbush

Fortinet (NASDAQ:FTNT)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a report released on Wednesday, Benzinga reports. They currently have a $78.00 price objective on the software maker’s stock. Wedbush’s price target points to a potential upside of 12.72% from the company’s current price.

FTNT has been the subject of a number of other research reports. Cantor Fitzgerald reduced their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Citigroup reduced their price target on Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, July 30th. Scotiabank dropped their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 3rd. Truist Financial dropped their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.04.

Fortinet Price Performance

NASDAQ:FTNT traded up $13.39 during midday trading on Wednesday, reaching $69.20. 7,592,989 shares of the company traded hands, compared to its average volume of 5,780,225. Fortinet has a twelve month low of $44.12 and a twelve month high of $73.91. The firm has a market capitalization of $52.86 billion, a price-to-earnings ratio of 44.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The company has a fifty day moving average price of $58.96 and a 200 day moving average price of $63.62.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. On average, equities research analysts forecast that Fortinet will post 1.47 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock valued at $5,401,638 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Large investors have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC grew its position in Fortinet by 72,668.0% in the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after acquiring an additional 18,167 shares in the last quarter. Vontobel Holding Ltd. grew its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares during the last quarter. LGT Group Foundation lifted its stake in shares of Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after buying an additional 94,475 shares during the last quarter. Finally, Y.D. More Investments Ltd lifted its stake in shares of Fortinet by 101.4% in the fourth quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock worth $3,627,000 after buying an additional 31,198 shares during the last quarter. 83.71% of the stock is owned by 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.