Wells Fargo & Company Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its target price boosted by investment analysts at Wells Fargo & Company from $80.00 to $85.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s target price points to a potential downside of 8.06% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. BMO Capital Markets increased their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday. Rosenblatt Securities lifted their target price on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Truist Financial boosted their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

NASDAQ:FTNT opened at $92.45 on Tuesday. The stock has a 50-day simple moving average of $81.71 and a two-hundred day simple moving average of $69.89. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The firm has a market capitalization of $70.86 billion, a PE ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s 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 sale, the chief financial officer now owns 4,689 shares of the company’s stock, 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. Over the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares in the last quarter. Swedbank AB grew its stake in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.