Robert W. Baird Boosts Fortinet (NASDAQ:FTNT) Price Target to $100.00

Fortinet (NASDAQ:FTNT) had its target price lifted by analysts at Robert W. Baird from $95.00 to $100.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s target price indicates a potential upside of 8.17% from the stock’s current price.

A number of other research firms have also weighed in on FTNT. Raymond James boosted their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. Citigroup lifted their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald boosted their price objective on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Stock Performance

Fortinet stock opened at $92.45 on Tuesday. The firm has a fifty day simple moving average of $81.71 and a two-hundred day simple moving average of $69.89. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a market capitalization of $70.86 billion, a PE ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents 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. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in 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 valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. State Street Corp raised its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the period. Swedbank AB boosted its stake in shares of Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after buying an additional 134,366 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the period. Hedge funds and other institutional investors 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.