Fortinet (NASDAQ:FTNT) Price Target Raised to $100.00

Fortinet (NASDAQ:FTNT) had its target price lifted by BMO Capital Markets from $88.00 to $100.00 in a research note released on Tuesday morning, Marketbeat reports. They currently have a market perform rating on the software maker’s stock.

A number of other equities research analysts have also recently issued reports on the company. Barclays boosted 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. Scotiabank boosted their price objective on Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. TD Cowen boosted their price objective on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Raymond James boosted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $87.10.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $90.79 on Tuesday. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a market cap of $69.59 billion, a PE ratio of 45.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The business’s 50 day moving average price is $81.39 and its two-hundred day moving average price is $69.73. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD increased its holdings in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB bought a new stake in Fortinet during the first quarter valued at $548,013,000. Marshall Wace LLP boosted its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Finally, FMR LLC boosted its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.