Morgan Stanley Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price objective boosted by Morgan Stanley from $105.00 to $106.00 in a report issued on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

Several other research analysts have also weighed in on the stock. Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Wells Fargo & Company upped their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. Finally, DZ Bank raised 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. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $87.10.

Fortinet Trading Down 1.2 %

NASDAQ:FTNT opened at $90.79 on Tuesday. 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 $50.65 and a 1-year high of $100.59. The firm has a market capitalization of $69.59 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 2.82 and a beta of 1.00. The business’s 50-day moving average price is $81.39 and its two-hundred day moving average price is $69.73.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on 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 directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 18.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently added to or reduced their stakes in the business. Eastern Bank bought a new position in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted its position in 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 boosted its holdings in shares of Fortinet by 900.0% during 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. acquired a new position in shares of Fortinet in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.