Bank of America Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price objective lifted by analysts at Bank of America from $87.00 to $104.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Bank of America‘s target price points to a potential upside of 13.87% from the stock’s current price.

Several other analysts have also commented on FTNT. Cantor Fitzgerald increased their price objective on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. Citigroup boosted their price target on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, Stifel Nicolaus boosted their target price on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $87.10.

Fortinet Stock Down 0.6 %

Shares of Fortinet stock traded down $0.55 on Tuesday, reaching $91.33. The stock had a trading volume of 2,170,568 shares, compared to its average volume of 5,497,340. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $70.00 billion, a P/E ratio of 46.00, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a 50 day moving average price of $81.10 and a 200 day moving average price of $69.51. Fortinet has a 1 year low of $50.65 and a 1 year high of $100.59.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Large investors have recently bought and sold shares of the company. Virtue Capital Management LLC acquired a new stake in shares of Fortinet in the third quarter worth approximately $247,000. Arete Wealth Advisors LLC boosted its stake in Fortinet by 28.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after purchasing an additional 1,733 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Fortinet by 2.2% during the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock worth $27,735,000 after buying an additional 7,769 shares in the last quarter. Chiron Investment Management LLC purchased a new stake in shares of Fortinet during the third quarter worth $394,000. Finally, Coldstream Capital Management Inc. lifted its stake in shares of Fortinet by 10.5% in the third quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock worth $919,000 after buying an additional 1,100 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.