Citigroup Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its target price boosted by stock analysts at Citigroup from $100.00 to $101.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective suggests a potential upside of 6.99% from the company’s previous close.

A number of other research firms have also recently weighed in on FTNT. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and raised their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Rosenblatt Securities increased their price target on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $95.16.

Fortinet Stock Up 0.4 %

NASDAQ:FTNT traded up $0.35 during mid-day trading on Friday, hitting $94.40. The stock had a trading volume of 2,111,691 shares, compared to its average volume of 3,947,220. The company has a market capitalization of $72.35 billion, a PE ratio of 47.69, a PEG ratio of 2.51 and a beta of 1.00. The stock has a 50-day simple moving average of $95.63 and a two-hundred day simple moving average of $80.10. Fortinet has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on 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 purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors have recently modified their holdings of the company. Eagle Capital Management LLC boosted its position in Fortinet by 2.2% during 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 in the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Fortinet by 6.6% in the 2nd quarter. Mutual of America Capital Management LLC now owns 114,634 shares of the software maker’s stock worth $6,909,000 after buying an additional 7,086 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Fortinet by 0.7% in the 2nd quarter. Blair William & Co. IL now owns 225,350 shares of the software maker’s stock worth $13,582,000 after purchasing an additional 1,538 shares during the period. MQS Management LLC bought a new stake in shares of Fortinet during the 2nd quarter valued at $311,000. Finally, Intech Investment Management LLC increased its position in Fortinet by 3.3% in the second quarter. Intech Investment Management LLC now owns 200,909 shares of the software maker’s stock worth $12,109,000 after buying an additional 6,460 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.