Fortinet (NASDAQ:FTNT) Price Target Raised to $78.00

Fortinet (NASDAQ:FTNT) had its price objective boosted by research analysts at Mizuho from $68.00 to $78.00 in a report released on Friday,Benzinga reports. The firm currently has an “underperform” rating on the software maker’s stock. Mizuho’s price target indicates a potential downside of 20.89% from the stock’s current price.

A number of other equities analysts have also issued reports on FTNT. 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. Wells Fargo & Company increased their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Bank of America increased their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley increased their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $89.27.

Fortinet Stock Up 0.6 %

Shares of Fortinet stock opened at $98.60 on Friday. Fortinet has a twelve month low of $54.57 and a twelve month high of $100.59. The stock has a market capitalization of $75.57 billion, a price-to-earnings ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00. The business’s 50 day simple moving average is $87.98 and its 200-day simple moving average is $73.80. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were 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 owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock worth $5,746,974 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. Eastern Bank bought a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. City State Bank grew its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet during the second quarter valued at approximately $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.