Scotiabank Raises Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its price objective upped by equities researchers at Scotiabank from $85.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s target price indicates a potential upside of 20.88% from the stock’s current price.

Other analysts have also issued reports about the company. Rosenblatt Securities lifted their price target on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Cantor Fitzgerald lifted their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $88.27.

Fortinet Stock Performance

NASDAQ:FTNT opened at $91.00 on Wednesday. The stock’s 50-day simple moving average is $81.39 and its 200 day simple moving average is $69.73. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The firm has a market capitalization of $69.75 billion, a PE ratio of 46.24, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling 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 stock was 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. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Apollon Wealth Management LLC increased its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden boosted its holdings in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP boosted its holdings in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after acquiring an additional 395,477 shares during the period. Cetera Investment Advisers boosted its holdings in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after acquiring an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC boosted its holdings in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after acquiring an additional 40,277 shares during the period. 83.71% of the stock is currently owned by institutional investors.

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.