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

Fortinet (NASDAQ:FTNT) had its price target lifted by Scotiabank from $85.00 to $110.00 in a research note released on Wednesday,Benzinga reports. They currently have a sector outperform rating on the software maker’s stock.

A number of other research analysts have also weighed in on FTNT. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. Bank of America boosted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday. Raymond James boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Stock Up 1.8 %

Shares of NASDAQ FTNT opened at $92.45 on Wednesday. The stock has a market cap of $70.86 billion, a P/E ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00. The firm has a 50 day moving average price of $81.71 and a 200 day moving average price of $69.89. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was 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 owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents 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 through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by company insiders.

Institutional Trading of Fortinet

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