Stifel Nicolaus Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target boosted by research analysts at Stifel Nicolaus from $84.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ price target suggests a potential downside of 2.05% from the company’s previous close.

A number of other research firms also recently weighed in on FTNT. Rosenblatt Securities raised their price target on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Susquehanna raised their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. DZ Bank upgraded 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. Raymond James lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $83.21.

Fortinet Stock Down 2.5 %

FTNT stock opened at $91.88 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $81.10 and a two-hundred day moving average price of $69.51. The company has a market cap of $70.42 billion, a price-to-earnings ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the business. Virtue Capital Management LLC acquired a new position in shares of Fortinet during the 3rd quarter worth $247,000. Arete Wealth Advisors LLC increased its holdings in Fortinet by 28.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after purchasing an additional 1,733 shares in the last quarter. Toronto Dominion Bank increased its holdings in Fortinet by 2.2% in the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock worth $27,735,000 after purchasing an additional 7,769 shares in the last quarter. Chiron Investment Management LLC acquired a new position in Fortinet in the 3rd quarter worth about $394,000. Finally, Coldstream Capital Management Inc. increased its holdings in Fortinet by 10.5% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock worth $919,000 after purchasing an additional 1,100 shares in the last quarter. 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.