Fortinet (NASDAQ:FTNT) Given New $103.00 Price Target at Stifel Nicolaus

Fortinet (NASDAQ:FTNT) had its target price lifted by Stifel Nicolaus from $90.00 to $103.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

Other analysts have also recently issued reports about the stock. Piper Sandler upped their price objective on shares of Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Bank of America boosted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wedbush raised their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Morgan Stanley increased their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Rosenblatt Securities raised their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $91.65.

Fortinet Stock Up 1.8 %

Shares of NASDAQ FTNT opened at $95.00 on Wednesday. Fortinet has a 52-week low of $54.57 and a 52-week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The business has a fifty day moving average of $89.45 and a two-hundred day moving average of $74.94. The stock has a market cap of $72.81 billion, a PE ratio of 47.98, a PEG ratio of 2.77 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 45,207 shares of company stock valued at $3,983,037. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP boosted its position in Fortinet by 198.5% during 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 during the last quarter. Van ECK Associates Corp lifted its position in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. FMR LLC boosted its holdings in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC grew its position in Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after purchasing an additional 1,265,162 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the last quarter. 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.