Royal Bank of Canada Raises Fortinet (NASDAQ:FTNT) Price Target to $97.00

Fortinet (NASDAQ:FTNT) had its target price lifted by analysts at Royal Bank of Canada from $82.00 to $97.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 7.19% from the stock’s previous close.

Several other brokerages also recently issued reports on FTNT. Stifel Nicolaus lifted their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Raymond James upped their price target 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. BMO Capital Markets upped their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $84.79.

Fortinet Price Performance

Fortinet stock traded down $1.39 during trading hours on Tuesday, hitting $90.49. 1,540,185 shares of the stock were exchanged, compared to its average volume of 5,493,108. The stock has a market capitalization of $69.36 billion, a P/E ratio of 45.55, a P/E/G ratio of 2.82 and a beta of 1.00. The business’s 50-day moving average is $81.10 and its two-hundred day moving average is $69.51. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the firm’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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted 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 position in shares of Fortinet during the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc boosted its position in shares of Fortinet by 61.2% in the second 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 during the period. Hedge funds and other institutional investors 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.