Fortinet (NASDAQ:FTNT) Price Target Raised to $104.00 at Bank of America

Fortinet (NASDAQ:FTNT) had its price objective increased by Bank of America from $87.00 to $104.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective would suggest a potential upside of 13.87% from the company’s previous close.

Other analysts also recently issued reports about the company. Rosenblatt Securities raised their price objective on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Stifel Nicolaus lifted their target price on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Raymond James raised their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $87.10.

Fortinet Trading Down 0.6 %

Shares of FTNT stock traded down $0.55 during trading on Tuesday, hitting $91.33. 2,170,568 shares of the stock traded hands, compared to its average volume of 5,497,340. The firm has a market capitalization of $70.00 billion, a P/E ratio of 46.00, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s fifty day moving average price is $81.10 and its 200-day moving average price is $69.51.

Insider Buying and Selling at Fortinet

In other 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 value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly 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 link. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. State Street Corp grew its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its stake in Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the period. Swedbank AB increased its stake in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. 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.