Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective boosted by Rosenblatt Securities from $85.00 to $90.00 in a research note released on Friday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. TD Cowen raised their price objective on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Morgan Stanley decreased their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Robert W. Baird raised their price objective on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $79.52.

Fortinet Trading Up 5.6 %

NASDAQ:FTNT opened at $97.18 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet has a 1-year low of $49.70 and a 1-year high of $97.35. The firm has a market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. The stock has a fifty day simple moving average of $79.15 and a 200 day simple moving average of $68.40.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 70,538 shares of company stock worth $5,403,559 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of large investors have recently added to or reduced their stakes in the stock. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at $25,000. Eastern Bank bought a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC raised its position 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 purchasing an additional 173 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet in the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.