Fortinet (NASDAQ:FTNT) Given New $90.00 Price Target at Deutsche Bank Aktiengesellschaft

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

A number of other analysts have also commented on the company. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Cantor Fitzgerald raised their price objective on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. Finally, Truist Financial increased their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $87.10.

Fortinet Trading Down 1.2 %

Shares of FTNT stock opened at $90.79 on Tuesday. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The company has a 50-day simple moving average of $81.39 and a two-hundred day simple moving average of $69.73. 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 company has a market capitalization of $69.59 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 2.82 and a beta of 1.00.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of the company. Eastern Bank purchased a new position in shares of Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% in 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 period. Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth $33,000. Finally, Versant Capital Management Inc boosted its position in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.