Fortinet (NASDAQ:FTNT) Price Target Raised to $100.00

Fortinet (NASDAQ:FTNT) had its price target boosted by BMO Capital Markets from $88.00 to $100.00 in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has a market perform rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. TD Cowen raised their price target on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald lifted their price objective on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Scotiabank lifted their price objective on Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. Piper Sandler raised their price objective on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Up 1.8 %

Shares of NASDAQ FTNT opened at $94.13 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet has a one year low of $50.65 and a one year high of $100.59. The stock has a market capitalization of $72.15 billion, a P/E ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00. The firm’s 50 day simple moving average is $82.10 and its two-hundred day simple moving average is $70.06.

Insider Buying and Selling at Fortinet

In other 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 transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly 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. In the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently modified their holdings of FTNT. O Shaughnessy Asset Management LLC grew its stake in shares of Fortinet by 16.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock valued at $2,996,000 after purchasing an additional 6,309 shares during the period. Lake Street Advisors Group LLC grew its stake in shares of Fortinet by 20.3% in the 1st quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock valued at $369,000 after purchasing an additional 912 shares during the period. Crewe Advisors LLC bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $110,000. Delap Wealth Advisory LLC bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $210,000. Finally, CreativeOne Wealth LLC bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $732,000. 83.71% of the stock is currently owned by institutional investors.

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.