Fortinet (NASDAQ:FTNT) Given New $105.00 Price Target at TD Cowen

Fortinet (NASDAQ:FTNT) had its price objective lifted by TD Cowen from $90.00 to $105.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

FTNT has been the topic of several other research reports. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday. Stifel Nicolaus boosted their price target on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. Morgan Stanley raised their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday. Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald raised their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.13 on Tuesday. The stock has a 50-day moving average price of $82.10 and a 200 day moving average price of $70.06. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The stock has a market capitalization of $72.15 billion, a P/E ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the firm’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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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.