The Goldman Sachs Group Increases Fortinet (NASDAQ:FTNT) Price Target to $114.00

Fortinet (NASDAQ:FTNT) had its target price upped by analysts at The Goldman Sachs Group from $100.00 to $114.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 20.01% from the stock’s previous close.

FTNT has been the subject of several other research reports. Bank of America increased their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Piper Sandler lifted their price objective on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley increased their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $93.71.

Fortinet Stock Performance

FTNT traded up $0.51 during trading on Thursday, hitting $94.99. The stock had a trading volume of 795,059 shares, compared to its average volume of 5,360,584. Fortinet has a twelve month low of $54.57 and a twelve month high of $100.59. The firm has a market capitalization of $72.81 billion, a P/E ratio of 47.97, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company’s 50-day moving average price is $92.28 and its 200 day moving average price is $77.48.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 355 shares of the stock in a transaction dated Friday, December 6th. The stock was bought 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 owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The stock was 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,123 shares of company stock worth $6,227,201. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently made changes to their positions in the stock. Eagle Capital Management LLC increased its stake in shares of Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after acquiring an additional 544 shares during the last quarter. Rothschild Investment LLC acquired a new position in Fortinet during the second quarter worth $56,000. Commonwealth Equity Services LLC grew its position in Fortinet by 2.1% in the second quarter. Commonwealth Equity Services LLC now owns 132,374 shares of the software maker’s stock valued at $7,978,000 after purchasing an additional 2,665 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Fortinet by 33.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,256 shares of the software maker’s stock valued at $255,000 after buying an additional 1,060 shares during the last quarter. Finally, Natixis Advisors LLC grew its holdings in shares of Fortinet by 1.7% in the 2nd quarter. Natixis Advisors LLC now owns 171,237 shares of the software maker’s stock valued at $10,320,000 after acquiring an additional 2,873 shares in the last quarter. 83.71% of the stock is 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.