Fortinet (NASDAQ:FTNT) Given New $97.00 Price Target at Royal Bank of Canada

Fortinet (NASDAQ:FTNT) had its price target upped by Royal Bank of Canada from $82.00 to $97.00 in a research report report published on Tuesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Piper Sandler lifted their price objective on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research report 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 on the stock in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Price Performance

NASDAQ FTNT opened at $92.77 on Tuesday. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59. The stock has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00. The company’s 50 day moving average is $82.45 and its two-hundred day moving average is $70.30. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the company’s 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 completion of the sale, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’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 completion of the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Hedge funds have recently added to or reduced their stakes in the business. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden raised its holdings in 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 purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP raised its holdings in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers raised its holdings in Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after purchasing an additional 40,277 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other 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.