Fortinet (NASDAQ:FTNT) Price Target Raised to $100.00

Fortinet (NASDAQ:FTNT) had its price target lifted by Rosenblatt Securities from $90.00 to $100.00 in a report released on Wednesday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

FTNT has been the topic of several other research reports. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. JPMorgan Chase & Co. raised their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Stifel Nicolaus upped their price objective on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Finally, Raymond James upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Trading Down 1.3 %

Shares of FTNT stock opened at $92.77 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $82.45 and its two-hundred day moving average is $70.30. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a market capitalization of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated 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 transaction, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Eastern Bank purchased a new stake in Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC increased its position in 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 in the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc grew its stake in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.