Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective hoisted by stock analysts at Stifel Nicolaus from $90.00 to $103.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 7.53% from the stock’s current price.

Several other equities analysts have also commented on FTNT. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities upped their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Finally, Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $90.87.

Fortinet Stock Down 1.9 %

Fortinet stock traded down $1.83 during midday trading on Wednesday, hitting $95.79. The stock had a trading volume of 1,605,716 shares, compared to its average volume of 5,389,720. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $73.42 billion, a P/E ratio of 48.38, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet has a 12 month low of $54.57 and a 12 month high of $100.59. The business has a fifty day moving average price of $89.19 and a 200 day moving average price of $74.81.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,207 shares of company stock valued at $3,983,037. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several large investors have recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC raised its stake in Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after purchasing an additional 544 shares during the period. Raymond James & Associates raised its stake in Fortinet by 6.3% during the 2nd quarter. Raymond James & Associates now owns 517,899 shares of the software maker’s stock valued at $31,214,000 after purchasing an additional 30,576 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in Fortinet by 4.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker’s stock valued at $10,692,000 after purchasing an additional 7,128 shares during the period. Fifth Third Bancorp raised its stake in Fortinet by 2.9% during the 2nd quarter. Fifth Third Bancorp now owns 18,672 shares of the software maker’s stock valued at $1,125,000 after purchasing an additional 533 shares during the period. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in Fortinet during the 2nd quarter valued at $375,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.