Fortinet (NASDAQ:FTNT) Price Target Raised to $110.00

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

Several other research analysts also recently issued reports on the stock. Morgan Stanley upped their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday. Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Royal Bank of Canada raised their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday. Truist Financial upped their price objective on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Trading Down 1.3 %

Shares of FTNT opened at $92.77 on Wednesday. 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 company has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00. The stock has a fifty day moving average price of $82.45 and a two-hundred day moving average price of $70.30. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc grew its stake in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.