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

Fortinet (NASDAQ:FTNT) had its price target lifted by Morgan Stanley from $105.00 to $106.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other analysts also recently issued reports about the stock. TD Cowen upped their price objective on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Raymond James upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Wedbush lifted their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Monday, November 11th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $87.10.

Fortinet Stock Down 1.2 %

Shares of FTNT stock opened at $90.79 on Tuesday. The company has a market capitalization of $69.59 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock’s 50 day simple moving average is $81.39 and its 200 day simple moving average is $69.73. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59.

Insiders Place Their Bets

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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Apollon Wealth Management LLC boosted its position in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden lifted its stake in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its holdings in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after acquiring an additional 395,477 shares during the last quarter. Cetera Investment Advisers increased its position in Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC lifted its position in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after purchasing an additional 40,277 shares during the period. Institutional investors and hedge funds 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.