Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Deutsche Bank Aktiengesellschaft Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective raised by Deutsche Bank Aktiengesellschaft from $77.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential downside of 2.65% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler raised their target price on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Citigroup raised their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Finally, Scotiabank upped their target price on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Price Performance

Shares of FTNT stock opened at $92.45 on Tuesday. The business’s 50 day moving average price is $81.71 and its 200-day moving average price is $69.89. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The firm has a market cap of $70.86 billion, a P/E ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction 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 trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD grew its stake in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new stake in shares of Fortinet in the 1st quarter worth $548,013,000. Marshall Wace LLP grew its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. Finally, FMR LLC raised its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.