Morgan Stanley initiated coverage on shares of Fortinet (NASDAQ:FTNT - Get Free Report) in a research report issued on Tuesday, MarketBeat reports. The brokerage set an "overweight" rating and a $123.00 price target on the software maker's stock. Morgan Stanley's price objective would indicate a potential upside of 24.68% from the stock's current price.
Other research analysts have also recently issued reports about the company. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. Royal Bank of Canada raised their target price on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research report on Friday, February 7th. Raymond James reissued a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. Stifel Nicolaus lifted their price objective on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a report on Friday, February 7th. Finally, Scotiabank lifted their price objective on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $105.69.
Check Out Our Latest Stock Report on FTNT
Fortinet Stock Performance
Shares of Fortinet stock traded up $0.20 during midday trading on Tuesday, hitting $98.65. The company had a trading volume of 5,778,320 shares, compared to its average volume of 4,802,157. The business's 50 day simple moving average is $102.34 and its two-hundred day simple moving average is $92.42. The stock has a market cap of $75.86 billion, a PE ratio of 43.65, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet has a 1-year low of $54.57 and a 1-year high of $114.82.
Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities analysts predict that Fortinet will post 2.09 EPS for the current fiscal year.
Insider Transactions at Fortinet
In other news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Fortinet
Several institutional investors have recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. raised its stake in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in shares of Fortinet during the 4th quarter worth approximately $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet during the 4th quarter worth approximately $43,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter worth approximately $46,000. Institutional investors own 83.71% of the company's stock.
Fortinet Company Profile
(
Get Free Report)
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.
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