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

Fortinet (NASDAQ:FTNT) had its price target upped by investment analysts at Wedbush from $78.00 to $90.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Wedbush’s price target would suggest a potential downside of 0.10% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen lifted their price target on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Rosenblatt Securities increased their price objective on Fortinet from $72.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Truist Financial lifted their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $76.11.

Fortinet Stock Up 7.7 %

FTNT stock traded up $6.41 on Friday, hitting $90.09. 4,826,157 shares of the company’s stock were exchanged, compared to its average volume of 5,420,572. The firm has a 50 day moving average price of $78.43 and a two-hundred day moving average price of $67.93. Fortinet has a 12-month low of $49.63 and a 12-month high of $90.18. The stock has a market cap of $68.91 billion, a P/E ratio of 53.31, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

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

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 in the last three months. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FTNT. Winthrop Capital Management LLC purchased a new stake in Fortinet during the 1st quarter worth approximately $25,000. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Finally, Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter valued at $33,000. 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.