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

Fortinet (NASDAQ:FTNT) had its price target lifted by Stifel Nicolaus from $84.00 to $90.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the software maker’s stock.

Other analysts have also recently issued research reports about the stock. TD Cowen increased their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday, October 17th. Cantor Fitzgerald increased their price target on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Barclays increased their price target 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. Finally, Citigroup increased their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Trading Up 1.8 %

Shares of 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’s 50 day moving average is $82.10 and its two-hundred day moving average is $70.06. 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 company has a market cap of $72.15 billion, a PE ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock valued at $4,058,575 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently made changes to their positions in the company. Apollon Wealth Management LLC increased its stake in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its stake in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Sarasin & Partners LLP increased its stake in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC increased its stake in shares of Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after buying an additional 40,277 shares during the last quarter. Hedge funds and other 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.