Morgan Stanley Boosts Fortinet (NASDAQ:FTNT) Price Target to $106.00

Fortinet (NASDAQ:FTNT) had its price objective lifted by equities researchers at Morgan Stanley from $105.00 to $106.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 14.66% from the company’s current price.

A number of other analysts also recently weighed in on the company. Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Rosenblatt Securities upped their price target on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company raised their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Susquehanna upped their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have issued 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, Fortinet presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Trading Up 1.8 %

NASDAQ:FTNT opened at $92.45 on Tuesday. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock’s 50 day simple moving average is $81.71 and its 200-day simple moving average is $69.89. The firm has a market cap of $70.86 billion, a P/E ratio of 46.69, a PEG ratio of 2.82 and a beta of 1.00.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease 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 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by insiders.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of the stock. Apollon Wealth Management LLC lifted its holdings in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden lifted its stake in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its holdings in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in shares of Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after buying an additional 40,277 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

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.