Fortinet - FTNT Stock Forecast, Price & News

Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides central and scalable management solution for its FortiGate products. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiToken and FortiAuthenticator product families for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both comprehensive machine-learning anti-malware execution and real-time post-infection protection. It provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. UBS Group cut their price objective on shares of Fortinet from $68.00 to $65.00 and set a "neutral" rating for the company in a report on Thursday, August 4th. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $60.00 to $63.00 in a research report on Thursday, August 4th. Barclays dropped their price objective on Fortinet from $80.00 to $77.00 and set an "overweight" rating on the stock in a report on Thursday, August 4th. Wedbush reduced their target price on Fortinet from $74.00 to $68.00 in a report on Thursday, May 5th. Finally, BMO Capital Markets lowered their price target on shares of Fortinet from $70.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday, August 4th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $72.16.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.77 during trading on Friday, hitting $54.29. 5,007,717 shares of the stock traded hands, compared to its average volume of 5,956,314. The stock has a market cap of $42.81 billion, a price-to-earnings ratio of 67.02, a PEG ratio of 3.75 and a beta of 1.14. The company has a quick ratio of 1.05, a current ratio of 1.12 and a debt-to-equity ratio of 4.24. Fortinet has a 52 week low of $48.73 and a 52 week high of $74.35. The firm's fifty day moving average is $62.18 and its 200-day moving average is $61.67.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 1,324 shares of the business's stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $283.43, for a total value of $375,261.32. Following the completion of the sale, the chief financial officer now directly owns 883 shares in the company, valued at approximately $250,268.69. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Keith Jensen sold 1,324 shares of the firm's stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $283.43, for a total transaction of $375,261.32. Following the transaction, the chief financial officer now directly owns 883 shares of the company's stock, valued at $250,268.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 8,267 shares of Fortinet stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $60.64, for a total value of $501,310.88. Following the completion of the transaction, the vice president now owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The disclosure for this sale can be found here. Insiders sold a total of 17,479 shares of company stock valued at $3,117,553 over the last quarter. 18.60% of the stock is owned by corporate insiders.