Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective boosted by Morgan Stanley from $105.00 to $106.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

A number of other analysts have also weighed in on FTNT. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Raymond James boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. BMO Capital Markets raised their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Trading Up 1.8 %

FTNT opened at $94.13 on Tuesday. The business has a fifty day moving average price of $82.10 and a 200 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. The stock has a market capitalization of $72.15 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of Fortinet 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 transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $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. Insiders have sold a total of 51,095 shares of company stock worth $4,058,575 in the last ninety days. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD boosted its position in shares of 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 buying an additional 30,542,551 shares during the period. State Street Corp lifted its stake in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC boosted its position in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares during the period. Swedbank AB grew its stake in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares in the last quarter. Finally, 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 purchasing an additional 4,148,520 shares during the period. 83.71% of the stock is owned by hedge funds and other 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.