Fortinet (NASDAQ: FTNT) had its target price lifted by Mizuho from $290.00 to $310.00 in a research note released on Monday morning, The Fly reports. The firm currently has a neutral rating on the software maker’s stock.
Fortinet (NASDAQ: FTNT) Given New $310.00 Price Target at Mizuho
Several other brokerages have also recently weighed in on FTNT. Barclays upped their price target on Fortinet from $305.00 to $320.00 and gave the company an equal weight rating in a research report on Wednesday, October 13th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $242.00 to $250.00 and gave the stock a hold rating in a research report on Friday, July 30th.
Morgan Stanley upped their price objective on shares of Fortinet from $230.00 to $295.00 and gave the stock an equal weight rating in a research report on Tuesday, October 12th.
BMO Capital Markets upped their price objective on shares of Fortinet from $300.00 to $335.00 and gave the stock a market performance rating in a research report on Thursday, September 16th.
Finally, KeyCorp upped their price objective on shares of Fortinet from $297.00 to $324.00 and gave the stock an overweight rating in a research report on Friday, July 30th.
Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $260.00.
Shares of FTNT opened at $326.74 on Monday. The business’s 50-day moving average price is $305.18 and its 200-day moving average price is $256.68. Fortinet has a twelve-month low of $106.75 and a twelve month high of $326.89.
The stock has a market cap of $53.36 billion, a PE ratio of 105.40, a P/E/G ratio of 7.68, and a beta of 1.12. The company has a quick ratio of 1.88, a current ratio of 1.96, and a debt-to-equity ratio of 0.94.
Fortinet (NASDAQ: FTNT) last announced its quarterly earnings results on Thursday, July 29th. The software maker reported $0.95 earnings per share for the quarter, beating Thomson Reuters’ consensus estimate of $0.88 by $0.07.
Fortinet had a return on equity of 49.90% and a net margin of 17.69%. The firm had revenue of $801.10 million for the quarter, compared to analysts’ expectations of $741.76 million.
During the same period in the prior year, the business posted $0.82 in earnings per share. Analysts expect that Fortinet will post 2.84 earnings per share for the current fiscal year.
In related news, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $301.27, for a total value of $12,050,800.00.
Following the completion of the sale, the vice president now owns 5,978,451 shares of the company’s stock, valued at $1,801,127,932.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Also, CFO Keith Jensen sold 7,992 shares of the firm’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $301.31, for a total value of $2,408,069.52.
Following the completion of the sale, the chief financial officer now directly owns 3,342 shares of the company’s stock, valued at approximately $1,006,978.02. The disclosure for this sale can be found here.
In the last three months, insiders have sold 52,491 shares of company stock valued at $15,774,137. Insiders own 18.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FTNT. UMB Bank N A MO purchased a new position in Fortinet during the third quarter valued at $633,000.
RMR Wealth Builders purchased a new position in Fortinet during the third quarter valued at $277,000. Heartland Bank & Trust Co purchased a new position in Fortinet during the third quarter valued at $619,000.
Axiom Investment Management LLC purchased a new position in Fortinet during the third quarter valued at $309,000. Finally, Exchange Traded Concepts LLC lifted its position in Fortinet by 272.0% during the third quarter.
Exchange Traded Concepts LLC now owns 2,414 shares of the software maker’s stock valued at $705,000 after buying an additional 1,765 shares during the period. 68.50% of the stock is owned by institutional investors.
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers, and small businesses.
It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things, and Operational Technology.
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Article Source: The Markets Daily