Fortinet (NASDAQ:FTNT) Price Target Raised to $90.00

Fortinet (NASDAQ:FTNT) had its target price hoisted by Stifel Nicolaus from $84.00 to $90.00 in a research report released on Tuesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

A number of other equities analysts also recently commented on FTNT. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler boosted their price target on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Wedbush upped their price objective on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

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

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the business’s 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 transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock valued at $4,058,575 over the last ninety days. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Eastern Bank acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. bought a new stake in Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc lifted its stake in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.