Scotiabank Raises Fortinet (NASDAQ:FTNT) Price Target to $85.00

Fortinet (NASDAQ:FTNT) had its target price increased by research analysts at Scotiabank from $75.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective would indicate a potential downside of 7.65% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Rosenblatt Securities boosted their price objective on Fortinet from $72.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. Finally, Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $77.72.

Fortinet Trading Up 10.0 %

Shares of FTNT traded up $8.36 during trading hours on Friday, hitting $92.04. 13,790,376 shares of the stock were exchanged, compared to its average volume of 3,707,677. Fortinet has a fifty-two week low of $49.63 and a fifty-two week high of $92.53. The business has a 50-day moving average of $78.74 and a 200-day moving average of $68.15. The firm has a market capitalization of $70.40 billion, a P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.85 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.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC grew its position in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the last quarter. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Finally, Simplicity Wealth LLC grew its holdings in shares of Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

About Fortinet

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.