Wedbush Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price objective upped by research analysts at Wedbush from $90.00 to $105.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Wedbush’s target price would indicate a potential upside of 14.97% from the stock’s current price.

A number of other analysts have also recently issued reports on FTNT. Citigroup lifted their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Royal Bank of Canada upped their price objective on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. upped their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday, October 17th. One equities research 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’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $87.10.

Fortinet Stock Down 0.6 %

Shares of FTNT traded down $0.55 during midday trading on Tuesday, reaching $91.33. 2,170,568 shares of the stock were exchanged, compared to its average volume of 5,497,340. The company has a market cap of $70.00 billion, a price-to-earnings ratio of 46.00, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The firm has a 50 day simple moving average of $81.10 and a 200-day simple moving average of $69.51.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated 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 in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank raised its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter valued at about $33,000. 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.