Fortinet (NASDAQ:FTNT) Price Target Raised to $106.00 at Morgan Stanley

Fortinet (NASDAQ:FTNT) had its price objective boosted by equities researchers at Morgan Stanley from $105.00 to $106.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target indicates a potential upside of 15.37% from the stock’s current price.

A number of other analysts have also weighed in on FTNT. Truist Financial increased their target price on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Citigroup raised their price objective on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Finally, Wedbush raised their price objective on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $81.72.

Fortinet Stock Performance

Fortinet stock opened at $91.88 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average of $81.10 and a 200-day moving average of $69.51. The firm has a market cap of $70.42 billion, a P/E ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet has a 1-year low of $50.65 and a 1-year high of $100.59.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Large investors have recently added to or reduced their stakes in the stock. Eastern Bank bought a new stake in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in shares of 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 acquiring an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc boosted its stake in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Institutional investors 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.