Fortinet (NASDAQ:FTNT) Price Target Raised to $95.00 at Raymond James

Fortinet (NASDAQ:FTNT) had its target price upped by Raymond James from $85.00 to $95.00 in a report released on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Morgan Stanley dropped their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 7th. Wedbush upped their target price on Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Finally, BMO Capital Markets increased their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $77.72.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $8.36 during midday trading on Friday, hitting $92.04. The company’s stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The business’s 50 day simple moving average is $78.74 and its 200 day simple moving average is $68.13. Fortinet has a 12-month low of $49.63 and a 12-month high of $92.53. The company has a market cap of $70.40 billion, a P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned $0.31 EPS. The firm’s revenue was up 10.9% on a year-over-year basis. On average, analysts forecast that Fortinet will post 1.75 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Eagle Capital Management LLC boosted its holdings in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares in the last quarter. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Finally, Simplicity Wealth LLC lifted its holdings in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.