Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00 at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its target price hoisted by analysts at Royal Bank of Canada from $97.00 to $115.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 7.15% from the stock’s current price.

FTNT has been the topic of a number of other research reports. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $101.43.

Fortinet Trading Up 2.5 %

Fortinet stock traded up $2.61 during trading hours on Friday, hitting $107.33. The company had a trading volume of 8,467,271 shares, compared to its average volume of 4,385,121. The firm has a market cap of $82.26 billion, a P/E ratio of 54.17, a P/E/G ratio of 2.65 and a beta of 1.01. The company has a 50-day moving average price of $97.13 and a two-hundred day moving average price of $84.21. Fortinet has a 1 year low of $54.57 and a 1 year high of $110.53. 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 (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. On average, sell-side analysts anticipate that Fortinet will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is owned by insiders.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank boosted its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in Fortinet during the 3rd quarter valued at approximately $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.