Fortinet (NASDAQ:FTNT) Price Target Raised to $110.00

Fortinet (NASDAQ:FTNT) had its price objective boosted by Scotiabank from $85.00 to $110.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the software maker’s stock.

A number of other research analysts have also issued reports on the company. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. UBS Group boosted their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. BMO Capital Markets boosted their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $88.93.

Fortinet Price Performance

FTNT stock opened at $92.45 on Wednesday. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The business has a fifty day moving average of $81.71 and a two-hundred day moving average of $69.89. The stock has a market cap of $70.86 billion, a price-to-earnings ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % 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 90 days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of large investors have recently bought and sold shares of FTNT. Virtue Capital Management LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $247,000. Arete Wealth Advisors LLC boosted its holdings in shares of Fortinet by 28.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock valued at $603,000 after buying an additional 1,733 shares during the last quarter. Toronto Dominion Bank lifted its holdings in Fortinet by 2.2% during the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after purchasing an additional 7,769 shares during the last quarter. Chiron Investment Management LLC acquired a new stake in Fortinet during the 3rd quarter valued at $394,000. Finally, Coldstream Capital Management Inc. lifted its holdings in Fortinet by 10.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock valued at $919,000 after purchasing an additional 1,100 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.