Morgan Stanley Raises Fortinet (NASDAQ:FTNT) Price Target to $124.00

Fortinet (NASDAQ:FTNT) had its target price upped by Morgan Stanley from $116.00 to $124.00 in a note issued to investors on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s price objective would indicate a potential downside of 5.43% from the company’s current price.

A number of other analysts have also issued reports on FTNT. Monness Crespi & Hardt boosted their price target on shares of Fortinet from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Oppenheimer reiterated a “buy” rating and set a $160.00 target price on shares of Fortinet in a report on Monday, June 29th. Piper Sandler boosted their price target on shares of Fortinet from $125.00 to $146.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 16th. BTIG Research began coverage on Fortinet in a research note on Friday, March 27th. They issued a “neutral” rating on the stock. Finally, Barclays boosted their target price on Fortinet from $122.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the stock. Fortinet has a consensus rating of “Hold” and a consensus target price of $125.12.

Fortinet stock opened at $131.12 on Tuesday. The company has a market capitalization of $23.57 billion, a PE ratio of 61.27, a price-to-earnings-growth ratio of 5.43 and a beta of 1.01. Fortinet has a fifty-two week low of $70.20 and a fifty-two week high of $151.95. The firm has a 50 day moving average price of $138.20 and a 200 day moving average price of $117.85.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. Fortinet had a return on equity of 32.91% and a net margin of 16.44%. The business had revenue of $576.90 million during the quarter, compared to analysts’ expectations of $554.22 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The company’s revenue was up 22.1% on a year-over-year basis. As a group, research analysts predict that Fortinet will post 1.92 earnings per share for the current year.

In other Fortinet news, VP John Whittle sold 700 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $144.83, for a total value of $101,381.00. Following the completion of the sale, the vice president now owns 1,894 shares of the company’s stock, valued at $274,308.02. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Christopher B. Paisley sold 750 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $144.00, for a total transaction of $108,000.00. Following the sale, the director now owns 75,412 shares in the company, valued at $10,859,328. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,728 shares of company stock valued at $5,900,055. 18.20% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Farmers & Merchants Investments Inc. grew its position in shares of Fortinet by 260.9% in the first quarter. Farmers & Merchants Investments Inc. now owns 249 shares of the software maker’s stock valued at $25,000 after purchasing an additional 180 shares during the last quarter. Verus Capital Partners LLC acquired a new position in shares of Fortinet in the first quarter worth $31,000. Harwood Advisory Group LLC purchased a new stake in shares of Fortinet in the first quarter valued at $34,000. First Manhattan Co. acquired a new stake in shares of Fortinet during the first quarter valued at $51,000. Finally, Sunbelt Securities Inc. acquired a new position in Fortinet in the 4th quarter valued at about $15,534,000. Institutional investors own 72.18% of the company’s stock.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. 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; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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