Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective increased by research analysts at Stifel Nicolaus from $84.00 to $90.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ target price would indicate a potential downside of 2.65% from the stock’s current price.

FTNT has been the subject of several other research reports. UBS Group lifted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company boosted their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Piper Sandler upped their price target on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

Shares of FTNT opened at $92.45 on Tuesday. 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 firm has a 50-day moving average of $81.71 and a 200-day moving average of $69.89. The company has a market cap of $70.86 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. Fortinet has a one year low of $50.65 and a one year high of $100.59.

Insider Activity at Fortinet

In other news, 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 transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were 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 of the company’s stock, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Eastern Bank purchased a new position in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the 3rd quarter worth approximately $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 worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank increased its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter worth $33,000. 83.71% of the stock is owned by hedge funds and other 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.