Fortinet (NASDAQ:FTNT) Price Target Increased to $70.00 by Analysts at Susquehanna

Fortinet (NASDAQ:FTNT) had its target price lifted by Susquehanna from $65.00 to $70.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. Hsbc Global Res upgraded shares of Fortinet from a moderate sell rating to a hold rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised their price objective on Fortinet from $62.00 to $64.00 and gave the stock an equal weight rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $63.00 to $70.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. HSBC raised Fortinet from a reduce rating to a hold rating and set a $59.00 target price for the company in a research report on Wednesday, August 7th. Finally, Citigroup increased their price objective on shares of Fortinet from $65.00 to $66.00 and gave the company a neutral rating in a research note on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $71.31.

Fortinet Price Performance

Fortinet stock opened at $69.69 on Thursday. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $73.91. The firm has a fifty day moving average price of $59.59 and a two-hundred day moving average price of $63.72. The firm has a market cap of $53.24 billion, a price-to-earnings ratio of 45.55, a P/E/G ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm earned $0.31 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts expect that Fortinet will post 1.47 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 91,915 shares of company stock valued at $5,401,638 over the last 90 days. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB increased its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after buying an additional 134,366 shares during the last quarter. Van ECK Associates Corp lifted its position in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after buying an additional 657,400 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.