Scotiabank Raises Fortinet (NASDAQ:FTNT) Price Target to $110.00

Fortinet (NASDAQ:FTNT) had its target price boosted by research analysts at Scotiabank from $85.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price target points to a potential upside of 20.88% from the company’s previous close.

A number of other research firms have also weighed in on FTNT. UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Raymond James raised their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday. Cantor Fitzgerald raised their price objective on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Susquehanna increased their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $88.27.

Fortinet Stock Up 0.2 %

Shares of NASDAQ:FTNT opened at $91.00 on Wednesday. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The firm has a market capitalization of $69.75 billion, a P/E ratio of 46.24, a P/E/G ratio of 2.82 and a beta of 1.00. The stock has a 50 day moving average price of $81.39 and a 200-day moving average price of $69.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in the company. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the last quarter. Crewe Advisors LLC increased its holdings in shares of Fortinet by 8.8% in the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after purchasing an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in the third 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. 83.71% of the stock is 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.