Piper Sandler Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its target price increased by equities research analysts at Piper Sandler from $80.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s target price would suggest a potential upside of 8.17% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on FTNT. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research report on Thursday, October 17th. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Robert W. Baird increased their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Trading Up 1.8 %

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

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, 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. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds have recently bought and sold shares of the stock. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised 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 worth $32,000 after buying an additional 173 shares during the period. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.