Fortinet, Inc. (NASDAQ:FTNT) Receives $72.35 Average Price Target from Brokerages

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) has been assigned an average recommendation of "Hold" from the thirty-three research firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, twenty have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $72.35.

A number of analysts recently weighed in on the stock. Wedbush upped their target price on shares of Fortinet from $75.00 to $86.00 and gave the stock an "outperform" rating in a report on Wednesday, February 7th. Piper Sandler reaffirmed a "neutral" rating and set a $75.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Rosenblatt Securities reaffirmed a "buy" rating and set a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. BMO Capital Markets raised their price objective on shares of Fortinet from $70.00 to $82.00 and gave the company a "market perform" rating in a research report on Wednesday, February 7th. Finally, DZ Bank cut shares of Fortinet from a "hold" rating to a "sell" rating and set a $60.00 price objective on the stock. in a research report on Thursday, February 8th.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 108,147 shares of company stock valued at $7,424,394 in the last quarter. Insiders own 17.54% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Penserra Capital Management LLC grew its holdings in shares of Fortinet by 6.6% in the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker's stock worth $226,000 after purchasing an additional 41 shares during the last quarter. Evergreen Capital Management LLC grew its holdings in Fortinet by 5.2% during the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker's stock worth $295,000 after acquiring an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC grew its holdings in Fortinet by 6.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker's stock worth $296,000 after acquiring an additional 50 shares in the last quarter. Covestor Ltd grew its holdings in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker's stock worth $56,000 after acquiring an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC grew its holdings in Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker's stock worth $640,000 after acquiring an additional 66 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 2.6 %

Shares of NASDAQ:FTNT traded down $1.77 during midday trading on Friday, hitting $66.45. 5,134,673 shares of the company's stock were exchanged, compared to its average volume of 4,320,453. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a 50 day moving average price of $68.91 and a 200-day moving average price of $61.39. The company has a market cap of $50.70 billion, a PE ratio of 45.83, a price-to-earnings-growth ratio of 2.95 and a beta of 1.08. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet will post 1.39 EPS for the current fiscal year.

Fortinet Company Profile

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.