Fortinet (NASDAQ:FTNT) Price Target Raised to $90.00

Fortinet (NASDAQ:FTNT) had its price target lifted by Deutsche Bank Aktiengesellschaft from $77.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other brokerages have also recently issued reports on FTNT. Cantor Fitzgerald boosted their price target on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. BMO Capital Markets boosted their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Barclays raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities raised their target price on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

NASDAQ:FTNT opened at $94.13 on Tuesday. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59. 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 firm’s 50-day simple moving average is $82.10 and its 200 day simple moving average is $70.06. The firm has a market cap of $72.15 billion, a price-to-earnings ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were 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 directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,095 shares of company stock worth $4,058,575. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently modified their holdings of FTNT. Eastern Bank bought a new stake in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. Oakworth Capital Inc. bought a new stake in Fortinet during the second quarter worth $33,000. Finally, Versant Capital Management Inc boosted its position in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. 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.