Fortinet (NASDAQ:FTNT) had its price target raised to $76.00 by analysts at BMO Capital Markets

VaselineAugust 11, 2024

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Fortinet (NASDAQ:FTNT – Free Report) Their target price was upped by BMO Capital Markets from $70.00 to $76.00 in a research report on Wednesday, Benzinga reports. BMO Capital Markets currently has a market perform rating on the software maker’s stock.

Several other equities analysts have also commented on the stock. Truist Financial lowered their price objective on shares of Fortinet from $80.00 to $70.00 and set a buy rating on the stock in a report on Friday, May 3rd. HSBC raised Fortinet from a reduce rating to a hold rating and set a $59.00 price objective for the company in a research note on Wednesday. Royal Bank of Canada cut their price target on Fortinet from $71.00 to $68.00 and set a sector perform rating on the stock in a research note on Friday, May 3rd. Needham & Company LLC reiterated a hold rating on shares of Fortinet in a research note on Wednesday. Finally, Evercore ISI cut their price target on Fortinet from $72.00 to $67.00 and set an in-line rating for the company in a report on Friday, May 3rd. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $71.31, according to MarketBeat.com.

Get the latest research report on Fortinet

Fortinet’s price performance

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Shares of Fortinet stock opened at $69.69 on Wednesday. The stock has a market cap of $53.24 billion, a price-to-earnings ratio of 45.55, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The firm has a 50-day simple moving average of $59.59 and a 200-day simple moving average of $63.74. Fortinet has a 1 year low of $44.12 and a 1 year high of $73.91.

Fortinet (NASDAQ:FTNT – Get Your Free Report ) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. In the same quarter last year, the company earned $0.31 per share. equities analysts expect that Fortinet will post 1.47 earnings per share for the current fiscal year.

Insider Trading at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In related news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 91,915 shares of company stock worth $5,401,638 over the last 90 days. Corporate insiders hold 18.00% of the company’s stock.

Institutional inputs and outputs

Institutional investors and hedge funds have recently bought and sold shares of the company. Mutual of America Capital Management LLC raised its position in shares of Fortinet by 6.6% in the 2nd quarter. Mutual of America Capital Management LLC now owns 114,634 shares of the software maker’s stock, valued at $6,909,000 after bought an additional 7,086 shares in the last quarter. Alpha Family Trust bought a new position in Fortinet in the second quarter valued at $226,000. Renaissance Technologies LLC grew its holdings in Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after acquiring an additional 657,400 shares in the last quarter. Citizens Financial Group Inc. RI raised its position in shares of Fortinet by 38.1% in the second quarter. Citizens Financial Group Inc. RI now owns 22,468 shares of the software maker’s stock worth $1,354,000 after acquiring an additional 6,193 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Fortinet in the second quarter valued at approximately $7,283,000. Hedge funds and other institutional investors own 83.71% of the company’s shares.

Fortinet Company Profile

(Get a free report)

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.