Royal Bank of Canada Raises Fortinet (NASDAQ:FTNT) Price Target to $97.00

Fortinet (NASDAQ:FTNT) had its target price boosted by Royal Bank of Canada from $82.00 to $97.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s price target points to a potential upside of 7.19% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $111.00 in a research report on Monday, November 11th. BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday. Morgan Stanley increased their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Robert W. Baird raised their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $84.79.

Fortinet Trading Down 1.5 %

Fortinet stock traded down $1.39 during midday trading on Tuesday, hitting $90.49. 1,540,185 shares of the stock were exchanged, compared to its average volume of 5,493,108. The stock’s 50-day simple moving average is $81.10 and its 200 day simple moving average is $69.51. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $69.36 billion, a price-to-earnings ratio of 45.55, a PEG ratio of 2.82 and a beta of 1.00.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of large investors have recently modified their holdings of the company. Virtue Capital Management LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $247,000. Arete Wealth Advisors LLC boosted its stake in Fortinet by 28.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock valued at $603,000 after acquiring an additional 1,733 shares during the last quarter. Toronto Dominion Bank lifted its stake in Fortinet by 2.2% in the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after buying an additional 7,769 shares during the last quarter. Chiron Investment Management LLC bought a new position in shares of Fortinet during the 3rd quarter valued at about $394,000. Finally, Coldstream Capital Management Inc. increased its holdings in Fortinet by 10.5% in the third quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock worth $919,000 after buying an additional 1,100 shares during the last quarter. 83.71% of the stock is 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.