Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective boosted by equities researchers at The Goldman Sachs Group from $100.00 to $114.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 16.96% from the company’s previous close.

FTNT has been the subject of a number of other research reports. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. Wells Fargo & Company lifted their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Stifel Nicolaus raised their price objective on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Wedbush lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $93.71.

Fortinet Stock Up 2.9 %

Shares of NASDAQ:FTNT opened at $97.47 on Thursday. The business has a 50 day simple moving average of $92.91 and a two-hundred day simple moving average of $77.85. Fortinet has a 1 year low of $54.57 and a 1 year high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $74.71 billion, a PE ratio of 49.23, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,123 shares of company stock worth $6,227,201 in the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Versant Capital Management Inc raised its position in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares in the last quarter. Eagle Capital Management LLC grew its stake in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the period. OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares during the period. Finally, Crewe Advisors LLC boosted its holdings in Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after buying an additional 158 shares in 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.