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Other equities analysts have also issued research reports about the company. Barclays raised their price target on Fortinet from $74.00 to $85.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. TD Cowen boosted their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Robert W. Baird boosted their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada increased their target price on Fortinet from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $73.25.
Check Out Our Latest Analysis on Fortinet
Shares of FTNT opened at $80.62 on Friday. The firm has a market capitalization of $61.59 billion, a price-to-earnings ratio of 52.69, a PEG ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet has a 1-year low of $44.12 and a 1-year high of $83.77. The company has a 50-day moving average of $77.52 and a 200 day moving average of $66.98.
Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company's revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. On average, research analysts expect that Fortinet will post 1.74 EPS for the current year.
In other news, VP Michael Xie sold 24,712 shares of the business'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 sale, the vice president now owns 10,847,018 shares of the company's stock, valued at $608,626,179.98. The trade was a 0.00 % decrease 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. In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company's stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,693 shares of the business's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock valued at $6,790,149 over the last ninety days. Corporate insiders own 18.00% of the company's stock.
A number of hedge funds have recently modified their holdings of FTNT. Winthrop Capital Management LLC acquired a new stake in Fortinet in the 1st quarter valued at about $25,000. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Oakworth Capital Inc. purchased a new position in Fortinet during the second quarter worth approximately $33,000. Versant Capital Management Inc boosted its stake in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock worth $38,000 after buying an additional 238 shares during the last quarter. Finally, City State Bank boosted its stake in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after buying an additional 450 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.
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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