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

Fortinet (NASDAQ:FTNT) had its target price increased by Robert W. Baird from $95.00 to $100.00 in a report released on Tuesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Several other research firms have also weighed in on FTNT. Truist Financial lifted their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Royal Bank of Canada lifted their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Barclays raised their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Finally, Wedbush upped their price objective on shares of Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to 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 NASDAQ:FTNT opened at $92.77 on Tuesday. Fortinet has a twelve month low of $50.65 and a twelve 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 company has a market cap of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The company’s 50 day moving average is $82.45 and its 200 day moving average is $70.30.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction 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 $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 51,095 shares of company stock valued at $4,058,575. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several hedge funds have recently modified their holdings of the stock. Eastern Bank purchased a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank boosted its holdings in 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 purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. acquired a new position in Fortinet during the 2nd quarter worth approximately $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.