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Fortinet (NASDAQ:FTNT) Given New $110.00 Price Target at Cantor Fitzgerald

Fortinet logo with Computer and Technology background

Fortinet (NASDAQ:FTNT - Free Report) had its target price hoisted by Cantor Fitzgerald from $100.00 to $110.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the software maker's stock.

Other equities research analysts have also recently issued research reports about the company. BMO Capital Markets reduced their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. Robert W. Baird upped their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wells Fargo & Company dropped their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Stephens initiated coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $106.48.

Read Our Latest Research Report on FTNT

Fortinet Stock Down 1.4%

Fortinet stock traded down $1.49 during mid-day trading on Wednesday, reaching $103.44. The company's stock had a trading volume of 3,509,297 shares, compared to its average volume of 4,881,913. The company has a market capitalization of $79.18 billion, a price-to-earnings ratio of 42.57, a price-to-earnings-growth ratio of 3.62 and a beta of 1.06. The business's 50 day simple moving average is $103.07 and its 200 day simple moving average is $101.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. As a group, research analysts anticipate that Fortinet will post 2.09 earnings per share for the current year.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of institutional investors and hedge funds have recently modified their holdings of FTNT. Eagle Capital Management LLC lifted its holdings in shares of Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares in the last quarter. Brighton Jones LLC lifted its holdings in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Fortinet by 95.3% in the 4th quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker's stock worth $547,000 after buying an additional 2,827 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of Fortinet by 11.7% during the 4th quarter. Avantax Advisory Services Inc. now owns 14,235 shares of the software maker's stock valued at $1,345,000 after acquiring an additional 1,496 shares during the period. Finally, Natixis Advisors LLC increased its position in Fortinet by 15.6% in the fourth quarter. Natixis Advisors LLC now owns 202,316 shares of the software maker's stock worth $19,115,000 after buying an additional 27,243 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Company Profile

(Get Free Report)

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.

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