Fortinet (NASDAQ:FTNT) PT Raised to $64.00

Fortinet (NASDAQ:FTNT) had its price target upped by Wells Fargo & Company from $62.00 to $64.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 7.51% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Evercore ISI decreased their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research note on Friday, May 3rd. Truist Financial reduced their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Finally, Morgan Stanley reduced their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $70.04.

Fortinet Trading Up 24.0 %

Shares of NASDAQ:FTNT traded up $13.39 during midday trading on Wednesday, reaching $69.20. 7,592,989 shares of the company were exchanged, compared to its average volume of 5,780,225. The business’s fifty day moving average is $58.96 and its two-hundred day moving average is $63.62. Fortinet has a one year low of $44.12 and a one year high of $73.91. The stock has a market cap of $52.86 billion, a PE ratio of 44.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its 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 firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. As a group, sell-side analysts expect that Fortinet will post 1.47 EPS for the current year.

Insider Activity

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

Institutional Trading of Fortinet

A number of institutional investors have recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD boosted its stake in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB acquired a new stake in Fortinet in the 1st quarter worth approximately $548,013,000. Norges Bank purchased a new position in Fortinet during the 4th quarter worth approximately $203,501,000. Van ECK Associates Corp raised its position in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, Sarasin & Partners LLP purchased a new position in Fortinet during the 1st quarter worth approximately $120,746,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.