Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Fortinet (NASDAQ:FTNT) had its target price hoisted by stock analysts at Cantor Fitzgerald from $88.00 to $95.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 3.40% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Susquehanna lifted their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Scotiabank lifted their price objective on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $83.21.

Fortinet Trading Down 2.5 %

Shares of Fortinet stock opened at $91.88 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a fifty day moving average price of $81.10 and a 200 day moving average price of $69.51. Fortinet has a 1 year low of $50.65 and a 1 year high of $100.59. The stock has a market cap of $70.42 billion, a PE ratio of 46.40, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value 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 $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew 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 during the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc grew its position in Fortinet by 61.2% during the 2nd 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 owned by hedge funds and other institutional investors.

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.