Fortinet (NASDAQ:FTNT) Price Target Raised to $103.00

Fortinet (NASDAQ:FTNT) had its price target increased by Stifel Nicolaus from $90.00 to $103.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

A number of other brokerages have also commented on FTNT. Wells Fargo & Company upped their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Morgan Stanley upped their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $92.77.

Fortinet Stock Up 2.5 %

FTNT opened at $97.19 on Wednesday. The stock has a market cap of $74.49 billion, a PE ratio of 49.09, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. 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 stock’s fifty day simple moving average is $89.69 and its 200 day simple moving average is $75.07. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated 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 in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock worth $6,227,201 over the last ninety days. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of Fortinet by 8.7% in the 3rd quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker’s stock valued at $58,174,000 after acquiring an additional 59,930 shares in the last quarter. Inspire Trust Co. N.A. boosted its stake in Fortinet by 25.4% during the third quarter. Inspire Trust Co. N.A. now owns 26,983 shares of the software maker’s stock worth $2,093,000 after acquiring an additional 5,457 shares in the last quarter. American Trust acquired a new stake in Fortinet in the third quarter worth $246,000. Franklin Resources Inc. increased its stake in Fortinet by 21.6% in the third quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker’s stock valued at $32,408,000 after purchasing an additional 69,374 shares in the last quarter. Finally, Tri Ri Asset Management Corp acquired a new position in shares of Fortinet during the third quarter valued at about $3,566,000. 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.