Scotiabank Increases Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its target price upped by Scotiabank from $85.00 to $110.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a sector outperform rating on the software maker’s stock.

A number of other analysts have also recently issued reports on the stock. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Rosenblatt Securities increased their target price on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Wedbush upped their price objective on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Down 1.3 %

FTNT stock opened at $92.77 on Wednesday. The business’s 50 day simple moving average is $82.45 and its 200 day simple moving average is $70.30. Fortinet has a 1-year low of $50.65 and a 1-year high of $100.59. The firm has a market capitalization of $71.10 billion, a PE ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred 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 sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently modified their holdings of the business. Eastern Bank acquired a new stake in Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter valued at approximately $33,000. 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.