Fortinet (NASDAQ:FTNT) Price Target Raised to $101.00 at Citigroup

Fortinet (NASDAQ:FTNT) had its price objective upped by Citigroup from $100.00 to $101.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other research firms have also recently commented on FTNT. Cantor Fitzgerald increased their price target on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Stifel Nicolaus raised their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, Wedbush raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $95.16.

Fortinet Price Performance

FTNT opened at $94.23 on Friday. Fortinet has a one year low of $54.57 and a one year high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company’s 50 day simple moving average is $95.68 and its 200-day simple moving average is $80.34. The stock has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC grew 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 acquiring an additional 173 shares during the period. City State Bank grew its position in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $46,000. Institutional investors 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.