Investment Analysts’ Recent Ratings Updates for Fortinet (FTNT)

Posted by Patrick Bannon on Dec 2nd, 2024

Several brokerages have updated their recommendations and price targets on shares of Fortinet (NASDAQ: FTNT) in the last few weeks:

11/22/2024 – Fortinet had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
11/20/2024 – Fortinet had its price target raised by analysts at Scotiabank from $85.00 to $110.00. They now have a “sector outperform” rating on the stock.
11/20/2024 – Fortinet had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $105.00 price target on the stock, up previously from $85.00.
11/20/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $90.00 to $100.00. They now have a “buy” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Royal Bank of Canada from $82.00 to $97.00. They now have a “sector perform” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Morgan Stanley from $105.00 to $106.00. They now have an “overweight” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Wedbush from $90.00 to $105.00. They now have an “outperform” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Robert W. Baird from $95.00 to $100.00. They now have an “outperform” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Piper Sandler from $80.00 to $100.00. They now have a “neutral” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Cantor Fitzgerald from $88.00 to $95.00. They now have a “neutral” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at BMO Capital Markets from $88.00 to $100.00. They now have a “market perform” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Stifel Nicolaus from $84.00 to $90.00. They now have a “hold” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $77.00 to $90.00. They now have a “hold” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Wells Fargo & Company from $80.00 to $85.00. They now have an “equal weight” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at Bank of America Co. from $87.00 to $104.00. They now have a “buy” rating on the stock.
11/19/2024 – Fortinet had its price target raised by analysts at TD Cowen from $90.00 to $105.00. They now have a “buy” rating on the stock.
11/11/2024 – Fortinet was upgraded by analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating.
11/11/2024 – Fortinet had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
11/11/2024 – Fortinet was upgraded by analysts at HSBC Holdings plc from a “hold” rating to a “buy” rating. They now have a $111.00 price target on the stock, up previously from $83.00.
11/8/2024 – Fortinet had its price target raised by analysts at Scotiabank from $75.00 to $85.00. They now have a “sector outperform” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at Raymond James from $85.00 to $95.00. They now have an “outperform” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at Wedbush from $78.00 to $90.00. They now have an “outperform” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at Robert W. Baird from $80.00 to $88.00. They now have an “outperform” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at UBS Group AG from $70.00 to $83.00. They now have a “neutral” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at Piper Sandler from $70.00 to $80.00. They now have a “neutral” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at Barclays PLC from $85.00 to $95.00. They now have an “equal weight” rating on the stock.
11/8/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $85.00 to $90.00. They now have a “buy” rating on the stock.
10/31/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $72.00 to $85.00. They now have a “buy” rating on the stock.
10/29/2024 – Fortinet had its price target raised by analysts at Cantor Fitzgerald from $65.00 to $88.00. They now have a “neutral” rating on the stock.
10/25/2024 – Fortinet was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
10/23/2024 – Fortinet had its price target raised by analysts at Truist Financial Co. from $70.00 to $85.00. They now have a “buy” rating on the stock.
10/17/2024 – Fortinet was downgraded by analysts at Mizuho from a “neutral” rating to an “underperform” rating. They now have a $68.00 price target on the stock.
10/17/2024 – Fortinet was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
10/9/2024 – Fortinet had its price target raised by analysts at TD Cowen from $75.00 to $90.00. They now have a “buy” rating on the stock.
10/7/2024 – Fortinet had its price target raised by analysts at Barclays PLC from $74.00 to $85.00. They now have an “equal weight” rating on the stock.

Fortinet Trading Up 0.3 %

Shares of FTNT stock traded up $0.27 during trading hours on Monday, reaching $95.32. 4,351,441 shares of the stock traded hands, compared to its average volume of 5,488,745. 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 firm has a market capitalization of $73.06 billion, a PE ratio of 48.14, a PEG ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The business has a fifty day moving average price of $84.33 and a 200 day moving average price of $71.69.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock valued at $5,746,974 in the last quarter. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several large investors have recently made changes to their positions in the business. State Street Corp grew its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Fortinet by 2.4% during 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 purchasing an additional 354,692 shares in the last quarter. Swedbank AB grew its stake in shares of Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP increased 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 valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

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.