Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00 at Jefferies Financial Group

Fortinet (NASDAQ:FTNT) had its target price lifted by Jefferies Financial Group from $95.00 to $105.00 in a report released on Thursday morning,Benzinga reports. They currently have a hold rating on the software maker’s stock.

A number of other equities analysts also recently weighed in on FTNT. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald boosted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Finally, KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $92.77.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $97.19 on Thursday. The business has a fifty day moving average of $89.98 and a 200-day moving average of $75.34. 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 twelve month low of $54.57 and a twelve month high of $100.59. The firm has a market cap of $74.49 billion, a PE ratio of 49.09, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on 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 owns 4,689 shares of the company’s stock, valued at $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. In the last ninety days, insiders sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

About Fortinet

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.