Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT) had its target price boosted by Jefferies Financial Group from $95.00 to $105.00 in a report published on Thursday morning,Benzinga reports. They currently have a hold rating on the software maker’s stock.

FTNT has been the subject of a number of other reports. Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Robert W. Baird boosted their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Citigroup increased their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.77.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.19 on Thursday. The firm has a market cap of $74.49 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 2.77 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. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59. The company has a 50 day moving average of $89.98 and a 200-day moving average of $75.34.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in FTNT. Marshall Wace LLP boosted its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. FMR LLC boosted its stake in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. 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.