Fortinet (NASDAQ:FTNT) Price Target Raised to $95.00 at Cantor Fitzgerald

Fortinet (NASDAQ:FTNT) had its price objective upped by Cantor Fitzgerald from $88.00 to $95.00 in a research report sent to investors on Tuesday,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus raised their price target on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. TD Cowen raised their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Wells Fargo & Company lifted their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. One 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Stock Down 1.3 %

NASDAQ FTNT opened at $92.77 on Tuesday. 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 50-day simple moving average of $82.45 and a 200 day simple moving average of $70.30. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The stock has a market cap of $71.10 billion, a PE ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing 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 on Tuesday, November 19th. The shares were 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 in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock valued at $4,058,575 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently added to or reduced their stakes in FTNT. Eastern Bank bought a new stake in Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC lifted its position 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 in the last quarter. Oakworth Capital Inc. bought a new stake in Fortinet during the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc lifted its position in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

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.