Fortinet (NASDAQ:FTNT) Price Target Raised to $100.00

Fortinet (NASDAQ:FTNT) had its target price raised by Piper Sandler from $80.00 to $100.00 in a research report sent to investors on Tuesday,Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

Several other research analysts have also recently weighed in on FTNT. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Wells Fargo & Company boosted their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

Shares of FTNT opened at $94.13 on Tuesday. The business’s 50-day moving average is $82.10 and its two-hundred day moving average is $70.06. The company has a market capitalization of $72.15 billion, a P/E ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several large investors have recently made changes to their positions in the stock. Eastern Bank purchased a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank boosted its holdings in Fortinet by 900.0% during 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, Oakworth Capital Inc. acquired a new position in Fortinet in the 2nd quarter valued at about $33,000. 83.71% of the stock is currently 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.