JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $99.00 to $105.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 7.25% from the stock’s current price.

Several other brokerages also recently issued reports on FTNT. Royal Bank of Canada lifted their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Raymond James upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $90.43.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.90 on Monday. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59. The company has a 50 day moving average of $88.38 and a 200-day moving average of $74.25. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $75.04 billion, a price-to-earnings ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently bought and sold shares of the company. Eastern Bank bought a new stake in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its position 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 buying an additional 173 shares in the last quarter. City State Bank boosted its stake in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Finally, DT Investment Partners LLC grew its holdings in shares of Fortinet by 539.0% in the 2nd quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock valued at $40,000 after acquiring an additional 566 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.