Robert W. Baird Boosts Fortinet (NASDAQ:FTNT) Price Target to $100.00

Fortinet (NASDAQ:FTNT) had its target price lifted by research analysts at Robert W. Baird from $95.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target indicates a potential upside of 8.17% from the company’s current price.

Several other analysts have also issued reports on the stock. Piper Sandler upped their target price on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Raymond James upped 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. Wells Fargo & Company lifted their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Finally, Truist Financial lifted their price target on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Up 1.8 %

Shares of NASDAQ:FTNT opened at $92.45 on Tuesday. The stock has a market cap of $70.86 billion, a price-to-earnings ratio of 46.69, a PEG ratio of 2.82 and a beta of 1.00. The business’s 50 day moving average is $81.71 and its 200 day moving average is $69.89. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Virtue Capital Management LLC bought a new stake in Fortinet during the third quarter valued at approximately $247,000. Arete Wealth Advisors LLC lifted its holdings in shares of 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 acquiring an additional 1,733 shares during the last quarter. Toronto Dominion Bank increased its stake in Fortinet by 2.2% in the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after acquiring an additional 7,769 shares during the last quarter. Chiron Investment Management LLC purchased a new stake in Fortinet during the third quarter valued at about $394,000. Finally, Coldstream Capital Management Inc. lifted its stake in Fortinet by 10.5% during the third quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock worth $919,000 after purchasing an additional 1,100 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

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.