UBS Group Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target boosted by UBS Group from $70.00 to $83.00 in a research note released on Friday,Benzinga reports. UBS Group currently has a neutral rating on the software maker’s stock.

A number of other equities research analysts also recently commented on FTNT. Barclays lifted their price objective on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. TD Cowen boosted their price objective on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Royal Bank of Canada boosted their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Citigroup increased their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Finally, Scotiabank upped their price objective on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

Fortinet stock opened at $97.18 on Friday. The company has a market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet has a fifty-two week low of $49.70 and a fifty-two week high of $97.35. The stock has a fifty day moving average of $79.15 and a two-hundred day moving average of $68.40.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently modified their holdings of the stock. Forsta AP Fonden boosted its position in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Sarasin & Partners LLP grew its position in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers grew its position in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares in the last quarter. Sei Investments Co. grew its position in Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after purchasing an additional 34,727 shares in 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.