Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Fortinet (NASDAQ:FTNT) had its target price increased by stock analysts at Rosenblatt Securities from $100.00 to $115.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective suggests a potential upside of 17.06% from the company’s current price.

Other research analysts also recently issued reports about the company. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald boosted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $96.83.

Fortinet Price Performance

Fortinet stock opened at $98.24 on Tuesday. The stock’s 50 day moving average price is $95.59 and its two-hundred day moving average price is $81.22. The stock has a market capitalization of $75.30 billion, a price-to-earnings ratio of 49.62, a PEG ratio of 2.55 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 52-week low of $54.57 and a 52-week high of $101.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $0.35 earnings per share. On average, equities analysts predict that Fortinet will post 1.95 earnings per share for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Forsta AP Fonden grew its holdings in shares of Fortinet by 0.4% in the fourth quarter. Forsta AP Fonden now owns 136,000 shares of the software maker’s stock worth $12,849,000 after purchasing an additional 500 shares during the last quarter. Smith Group Asset Management LLC boosted its holdings in Fortinet by 3.7% in the fourth quarter. Smith Group Asset Management LLC now owns 15,935 shares of the software maker’s stock valued at $1,506,000 after acquiring an additional 565 shares in the last quarter. R Squared Ltd purchased a new position in Fortinet during the 4th quarter valued at $65,000. SteelPeak Wealth LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $329,000. Finally, Patriot Financial Group Insurance Agency LLC boosted its position in Fortinet by 5.5% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 23,289 shares of the software maker’s stock valued at $2,200,000 after acquiring an additional 1,213 shares in the last quarter. Hedge funds and other institutional investors 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.