Fortinet (NASDAQ:FTNT) Price Target Raised to $110.00

Key Points

• Wells Fargo & Company has raised Fortinet's price target from $95.00 to $110.00, reflecting a potential upside of 4.46% from the current price and maintaining an "equal weight" rating on the stock.
• In recent analyst ratings, Barclays also set a $110.00 price target, while Scotiabank and KeyCorp lowered their targets to $115.00, indicating mixed sentiment among analysts.
• Fortinet's recent quarterly earnings report revealed earnings per share of $0.58, exceeding expectations, and a revenue growth of 13.8% year-over-year, with a net margin of 30.60%.

Fortinet (NASDAQ:FTNT - Get Free Report) had its price target hoisted by Wells Fargo & Company from $95.00 to $110.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the software maker's stock. Wells Fargo & Company's target price indicates a potential upside of 4.46% from the company's current price.

A number of other equities research analysts have also recently commented on the stock. Barclays set a $110.00 price target on shares of Fortinet and gave the stock an "equal weight" rating in a report on Monday, July 14th. Scotiabank reduced their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. KeyCorp reduced their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. BMO Capital Markets reduced their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. Finally, Robert W. Baird raised their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One investment 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. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $107.00.

Fortinet Trading Up 0.5%

Shares of FTNT stock traded up $0.48 during trading hours on Monday, hitting $105.30. 425,484 shares of the company's stock traded hands, compared to its average volume of 4,745,576. The stock's 50 day simple moving average is $103.48 and its 200 day simple moving average is $101.65. The stock has a market cap of $80.60 billion, a PE ratio of 43.30, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06. Fortinet has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

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

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction dated Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Vanguard Group Inc. raised its holdings in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. Geode Capital Management LLC grew its position in shares of Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after buying an additional 387,901 shares in the last quarter. Invesco Ltd. grew its holdings in Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock worth $824,999,000 after acquiring an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock worth $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. Finally, FMR LLC grew its holdings in Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares in the last quarter. 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.

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