Morgan Stanley Boosts Fortinet (NASDAQ:FTNT) Price Target to $295.00

Fortinet (NASDAQ:FTNT) had its target price raised by equities researchers at Morgan Stanley from $230.00 to $295.00 in a research report issued to clients and investors on Tuesday, Analyst Price Targets reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s target price suggests a potential downside of 4.87% from the stock’s current price.

FTNT has been the subject of several other reports. Wedbush raised their price objective on shares of Fortinet from $310.00 to $350.00 and gave the stock an “outperform” rating in a report on Monday, August 30th. Colliers Securities reissued a “buy” rating and set a $350.00 price objective on shares of Fortinet in a report on Tuesday, September 21st. Piper Sandler raised their price objective on shares of Fortinet from $205.00 to $265.00 and gave the stock a “neutral” rating in a report on Friday, July 9th. Stifel Nicolaus initiated coverage on shares of Fortinet in a report on Tuesday, September 21st. They set a “buy” rating and a $355.00 price objective for the company. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Fortinet in a report on Tuesday, September 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $259.17.

NASDAQ FTNT opened at $310.10 on Tuesday. Fortinet has a 52 week low of $106.75 and a 52 week high of $322.00. The stock has a market cap of $50.65 billion, a P/E ratio of 100.03, a PEG ratio of 7.68 and a beta of 1.12. The company has a current ratio of 1.96, a quick ratio of 1.88 and a debt-to-equity ratio of 0.94. The company’s fifty day simple moving average is $304.16 and its 200-day simple moving average is $253.34.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, July 29th. The software maker reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.07. Fortinet had a net margin of 17.69% and a return on equity of 49.90%. The firm had revenue of $801.10 million for the quarter, compared to the consensus estimate of $741.76 million. During the same quarter in the previous year, the firm posted $0.82 EPS. On average, research analysts expect that Fortinet will post 2.84 EPS for the current fiscal year.

In related news, VP Michael Xie sold 2,088 shares of Fortinet stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $281.20, for a total transaction of $587,145.60. Following the completion of the sale, the vice president now owns 1,095 shares of the company’s stock, valued at $307,914. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 7,992 shares of Fortinet stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $301.31, for a total value of $2,408,069.52. Following 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 ninety days, insiders sold 52,491 shares of company stock valued at $15,774,137. 18.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Fortinet by 24.9% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,104 shares of the software maker’s stock worth $6,455,000 after purchasing an additional 5,403 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Fortinet by 9.0% in the first quarter. Dimensional Fund Advisors LP now owns 650,689 shares of the software maker’s stock worth $119,986,000 after purchasing an additional 53,462 shares during the period. Eqis Capital Management Inc. grew its position in Fortinet by 379.2% during the first quarter. Eqis Capital Management Inc. now owns 11,855 shares of the software maker’s stock worth $2,186,000 after buying an additional 9,381 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in Fortinet by 2.8% during the second quarter. Illinois Municipal Retirement Fund now owns 28,023 shares of the software maker’s stock worth $6,675,000 after buying an additional 769 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its position in Fortinet by 2.8% during the second quarter. Asset Management One Co. Ltd. now owns 107,000 shares of the software maker’s stock worth $25,486,000 after buying an additional 2,931 shares in the last quarter. Institutional investors own 68.50% of the company’s stock.

About Fortinet

Fortinet, Inc provides cybersecurity solutions to variety of business, 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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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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