Susquehanna raises its price target on Fortinet (NASDAQ:FTNT) to $70.00

VaselineAugust 8, 2024

0 4 minutes read

Fortinet (NASDAQ:FTNT – Get a Free Report) The target price was upped by analysts at Susquehanna from $65.00 to $70.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Susquehanna’s price target suggests a potential downside of 0.14% from the company’s current price.

FTNT has been the subject of a number of other research reports. Rosenblatt Securities reduced their target price on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday. Barclays cut their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, July 18th. Finally, Cantor Fitzgerald upped their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday. Twenty-four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $71.31, based on data from MarketBeat.

Check out our latest analysis on FTNT

Fortinet trading up 0.2%

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Shares of NASDAQ FTNT opened at $70.10 on Thursday. The company has a market cap of $53.55 billion, a price-to-earnings ratio of 45.71, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet has a 12-month low of $44.12 and a 12-month high of $73.91. The company has a 50-day simple moving average of $59.17 and a 200-day simple moving average of $63.66.

Fortinet (NASDAQ:FTNT – Get Your Free Report ) last released its earnings results 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 net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. In the same quarter last year, the company earned $0.31 per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts predict that Fortinet will post 1.47 earnings per share for the current year.

Insider Trading at Fortinet

In other news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock worth $5,401,638 in the last quarter. Insiders own 18.00% of the company’s shares.

Hedge funds hurt Fortinet

Institutional investors have recently bought and sold shares of the stock. BOKF NA boosted its holdings in shares of Fortinet by 7.3% in the second quarter. BOKF NA now owns 27,706 shares of the software maker’s stock worth $1,670,000 after acquiring an additional 1,891 shares in the last quarter. Achmea Investment Management BV boosted its holdings in Fortinet by 2.4% in the 2nd quarter. Achmea Investment Management BV now owns 102,897 shares of the software maker’s stock worth $6,201,000 after acquiring an additional 2,396 shares in the last quarter. YD More Investments Ltd boosted its position in Fortinet by 3.2% in the second quarter. YD More Investments Ltd now owns 75,276 shares of the software maker’s stock worth $4,537,000 after acquiring an additional 2,307 shares during the period. American Century Companies Inc. boosted its holdings in shares of Fortinet by 14.8% in the second quarter. American Century Companies Inc. now owns 480,525 shares of the software maker’s stock worth $28,961,000 after buying an additional 61,948 shares during the period. Finally, HHM Wealth Advisors LLC grew its stake in Fortinet by 5.2% in the second quarter. HHM Wealth Advisors LLC now owns 5,383 shares of the software maker’s stock valued at $324,000 after buying an additional 266 shares in the last quarter. 83.71% of shares are currently owned by institutional investors.

Fortinet Company Profile

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Fortinet, Inc provides cybersecurity and convergence of network and security solutions worldwide. Provides secure network solutions focused on network and security convergence; network firewall solutions consisting 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 LAN access points, FortiExtender 5G connectivity gateways and other products.