Fortinet (NASDAQ:FTNT) Upgraded by Piper Sandler to “Overweight” Rating

Fortinet (NASDAQ:FTNT) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Monday,Benzinga reports. The brokerage presently has a $120.00 target price on the software maker’s stock, up from their previous target price of $100.00. Piper Sandler’s price target would suggest a potential upside of 23.11% from the stock’s current price.

FTNT has been the topic of a number of other research reports. Truist Financial reiterated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Bank of America upped their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Rosenblatt Securities boosted their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Cantor Fitzgerald increased their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Scotiabank boosted their target price on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Up 2.9 %

FTNT opened at $97.47 on Monday. The company has a fifty day moving average of $92.91 and a two-hundred day moving average of $78.11. 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 fifty-two week low of $54.57 and a fifty-two week high of $100.59. The stock has a market capitalization of $74.71 billion, a price-to-earnings ratio of 49.23, a PEG ratio of 2.76 and a beta of 1.00.

Insider Activity

In other news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost 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 in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,123 shares of company stock valued at $6,227,201. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Large investors have recently bought and sold shares of the stock. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC boosted its stake in shares of 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 purchasing an additional 173 shares during the last quarter. City State Bank grew its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $46,000. 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.