Rosenblatt Securities Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target boosted by investment analysts at Rosenblatt Securities from $90.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 10.14% from the stock’s current price.

Other research analysts also recently issued reports about the company. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Cantor Fitzgerald upped their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Scotiabank increased their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $87.43.

Fortinet Price Performance

Fortinet stock opened at $90.79 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market cap of $69.59 billion, a price-to-earnings ratio of 45.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The firm has a 50-day moving average of $81.39 and a two-hundred day moving average of $69.73. Fortinet has a 1 year low of $50.65 and a 1 year high of $100.59.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently modified their holdings of the stock. O Shaughnessy Asset Management LLC lifted its holdings in Fortinet by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock valued at $2,996,000 after acquiring an additional 6,309 shares during the period. Lake Street Advisors Group LLC boosted its holdings in Fortinet by 20.3% during the first quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock worth $369,000 after buying an additional 912 shares in the last quarter. Delap Wealth Advisory LLC acquired a new stake in Fortinet during the first quarter valued at $210,000. CreativeOne Wealth LLC purchased a new position in Fortinet in the first quarter valued at $732,000. Finally, Advisors Asset Management Inc. raised its position in shares of Fortinet by 3.8% in the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock worth $1,191,000 after acquiring an additional 637 shares during the period. 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.