Fortinet (NASDAQ:FTNT) Price Target Raised to $114.00

Fortinet (NASDAQ:FTNT) had its price target lifted by investment analysts at The Goldman Sachs Group from $100.00 to $114.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 20.01% from the stock’s current price.

A number of other equities analysts also recently weighed in on FTNT. Jefferies Financial Group raised their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Stifel Nicolaus increased their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Finally, Piper Sandler upped their target price on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $93.71.

Fortinet Trading Up 0.5 %

Fortinet stock traded up $0.51 during mid-day trading on Thursday, reaching $94.99. 795,059 shares of the company traded hands, compared to its average volume of 5,360,584. Fortinet has a 52-week low of $54.57 and a 52-week high of $100.59. The firm has a market capitalization of $72.81 billion, a price-to-earnings ratio of 47.97, a P/E/G ratio of 2.77 and a beta of 1.00. The firm’s 50 day moving average price is $92.28 and its 200 day moving average price is $77.48. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 68,123 shares of company stock worth $6,227,201 in the last three months. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently modified their holdings of the business. Eagle Capital Management LLC grew its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares in the last quarter. Crewe Advisors LLC lifted its stake in Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after purchasing an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% in the third 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 in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.