Fortinet (NASDAQ:FTNT) Price Target Raised to $88.00 at Robert W. Baird

Fortinet (NASDAQ:FTNT) had its target price hoisted by investment analysts at Robert W. Baird from $80.00 to $88.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would suggest a potential downside of 4.39% from the stock’s current price.

FTNT has been the topic of several other reports. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a report on Thursday, October 17th. UBS Group increased their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $77.72.

Fortinet Stock Up 10.0 %

FTNT traded up $8.36 on Friday, hitting $92.04. The company had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The stock has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a P/E/G ratio of 2.85 and a beta of 1.00. The stock has a fifty day moving average price of $78.74 and a 200-day moving average price of $68.15. Fortinet has a 12-month low of $49.63 and a 12-month high of $92.53. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents 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. Over the last three months, insiders have sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently bought and sold shares of the company. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $25,000. Eastern Bank acquired a new position in shares of Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter valued at approximately $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Company Profile

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.