Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00

by · The Cerbat Gem

Fortinet (NASDAQ:FTNT – Free Report) had its price objective raised by Scotiabank from $75.00 to $85.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the software maker’s stock.

Other equities analysts have also issued research reports about the company. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. Citigroup raised their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $77.72.

View Our Latest Report on FTNT

Fortinet Trading Up 10.0 %

Shares of NASDAQ:FTNT opened at $92.04 on Friday. Fortinet has a 12-month low of $49.63 and a 12-month high of $92.53. The company has a market cap of $70.40 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. The stock has a 50 day moving average of $78.74 and a 200 day moving average of $68.17. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently modified their holdings of the business. Winthrop Capital Management LLC acquired a new stake in Fortinet in the 1st quarter valued at $25,000. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Finally, Oakworth Capital Inc. acquired a new position 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

(Get Free Report)

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.

Further Reading