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

Fortinet (NASDAQ:FTNT) had its price target boosted by analysts at Wedbush from $90.00 to $105.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Wedbush’s price objective suggests a potential upside of 13.57% from the company’s previous close.

FTNT has been the topic of several other reports. TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Rosenblatt Securities boosted their price objective on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Citigroup boosted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $92.45 on Tuesday. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59. The business’s 50 day moving average price is $81.71 and its 200 day moving average price is $69.89. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $70.86 billion, a P/E ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction 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 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 trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently modified their holdings of FTNT. Eastern Bank purchased a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Oakworth Capital Inc. acquired a new position in Fortinet in the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc increased its stake in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is currently 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.