Fortinet (NASDAQ:FTNT) Given New $103.00 Price Target at Stifel Nicolaus

Fortinet (NASDAQ:FTNT) had its target price upped by investment analysts at Stifel Nicolaus from $90.00 to $103.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ price target suggests a potential upside of 8.59% from the company’s current price.

FTNT has been the topic of a number of other research reports. Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. UBS Group upped their target price 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. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, Raymond James upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $92.77.

Fortinet Stock Up 1.6 %

Shares of NASDAQ FTNT opened at $94.85 on Wednesday. Fortinet has a 1 year low of $54.57 and a 1 year high of $100.59. The company has a market capitalization of $72.70 billion, a P/E ratio of 47.90, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a 50 day simple moving average of $89.69 and a 200-day simple moving average of $75.07. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. State Street Corp lifted its position in 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 acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Marshall Wace LLP boosted its position in shares of 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 purchasing an additional 4,148,520 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after purchasing an additional 542,727 shares during the period. Finally, Van ECK Associates Corp grew its stake in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.