Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, TD Cowen Analyst Says

Fortinet (NASDAQ:FTNT) had its target price increased by equities researchers at TD Cowen from $90.00 to $105.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. TD Cowen’s price objective indicates a potential upside of 15.79% from the stock’s current price.

FTNT has been the topic of several other reports. Wedbush raised their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Susquehanna lifted their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $85.31.

Fortinet Trading Down 1.3 %

FTNT traded down $1.20 on Tuesday, reaching $90.68. 1,618,546 shares of the company traded hands, compared to its average volume of 5,494,876. The company has a market cap of $69.50 billion, a P/E ratio of 45.80, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The firm has a fifty day simple moving average of $81.10 and a two-hundred day simple moving average of $69.51. Fortinet has a one year low of $50.65 and a one year high of $100.59. 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 Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD lifted its stake in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB purchased a new stake in Fortinet during the first quarter worth $548,013,000. Marshall Wace LLP grew its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp increased its holdings in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.