Fortinet, Inc. (NASDAQ:FTNT) Receives $94.35 Average Price Target from Analysts

Fortinet, Inc. (NASDAQ:FTNT) has earned a consensus rating of “Hold” from the thirty-two analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $96.17.

Several analysts have issued reports on the company. Jefferies Financial Group boosted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Rosenblatt Securities increased their target price on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th.

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised its holdings in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. FMR LLC lifted its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC boosted its stake in Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after acquiring an additional 1,265,162 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. Finally, State Street Corp increased its position in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.2 %

NASDAQ:FTNT opened at $94.23 on Tuesday. The company has a 50 day simple moving average of $95.62 and a two-hundred day simple moving average of $80.85. The company has a market cap of $72.22 billion, a PE ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. Fortinet has a 12 month low of $54.57 and a 12 month high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

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.