Rosenblatt Securities Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target boosted by analysts at Rosenblatt Securities from $90.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price target suggests a potential upside of 10.14% from the stock’s current price.

FTNT has been the topic of several other reports. Piper Sandler raised their target price on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Monday, November 11th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, UBS Group lifted their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $87.43.

Fortinet Price Performance

Shares of FTNT opened at $90.79 on Wednesday. The firm has a market cap of $69.59 billion, a PE ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet has a 1-year low of $50.65 and a 1-year high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $81.39 and a two-hundred day simple moving average of $69.73.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Eastern Bank bought a new position in Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank boosted its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.