Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00

Fortinet (NASDAQ:FTNT) had its price objective increased by Wells Fargo & Company from $80.00 to $85.00 in a research note published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the software maker’s stock.

Several other brokerages have also recently issued reports on FTNT. Cantor Fitzgerald increased their price objective on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday. Raymond James raised their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Up 1.8 %

Shares of NASDAQ FTNT opened at $94.13 on Tuesday. The stock has a market cap of $72.15 billion, a P/E ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The business’s fifty day simple moving average is $82.10 and its 200-day simple moving average is $70.06.

Insider Buying and Selling

In other news, 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 of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, 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 disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last ninety days. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its position in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. State Street Corp boosted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its position in 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 buying an additional 354,692 shares during the last quarter. Swedbank AB boosted its position in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after buying an additional 134,366 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in 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 buying an additional 4,148,520 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other 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.