Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT) had its price objective raised by TD Cowen from $90.00 to $105.00 in a research note released on Tuesday morning,Benzinga reports. TD Cowen currently has a buy rating on the software maker’s stock.

Other equities research analysts have also recently issued research reports about the company. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday. Piper Sandler raised their target price on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities boosted their price target on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $94.13 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. The company has a 50-day moving average price of $82.10 and a 200-day moving average price of $70.06. The company has a market cap of $72.15 billion, a price-to-earnings ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,095 shares of company stock worth $4,058,575. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD raised its holdings in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. State Street Corp raised its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the period. Swedbank AB grew its stake in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares during the period. Finally, Marshall Wace LLP increased its holdings in Fortinet by 198.5% in the 2nd 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 in the last quarter. 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.