Rosenblatt Securities Increases Fortinet (NASDAQ:FTNT) Price Target to $90.00

Fortinet (NASDAQ:FTNT) had its target price upped by Rosenblatt Securities from $85.00 to $90.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

FTNT has been the topic of a number of other reports. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank increased their price target on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday. Finally, UBS Group increased their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Stock Up 5.6 %

FTNT stock opened at $97.18 on Friday. The company’s 50 day moving average price is $79.15 and its 200 day moving average price is $68.40. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet has a fifty-two week low of $49.70 and a fifty-two week high of $97.35. The firm has a market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 70,538 shares of company stock valued at $5,403,559 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in FTNT. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at approximately $25,000. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the 3rd 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 in the last quarter. Finally, Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter valued at approximately $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.