Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Deutsche Bank Aktiengesellschaft Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective increased by Deutsche Bank Aktiengesellschaft from $77.00 to $90.00 in a research report released on Tuesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Wedbush increased their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. TD Cowen upped their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Raymond James raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Robert W. Baird increased their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $94.13 on Tuesday. The company has a 50-day moving average price of $82.10 and a two-hundred day moving average price of $70.06. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $72.15 billion, a PE ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were 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 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Anchor Investment Management LLC grew its holdings in Fortinet by 4.2% in the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after purchasing an additional 1,866 shares during the period. Tri Ri Asset Management Corp bought a new position in Fortinet during the 3rd quarter valued at approximately $3,542,000. Virtue Capital Management LLC bought a new stake in Fortinet in the third quarter worth $247,000. Arete Wealth Advisors LLC increased its holdings in shares of Fortinet by 28.6% during the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock valued at $603,000 after acquiring an additional 1,733 shares in the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Fortinet by 2.2% in the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock worth $27,735,000 after purchasing an additional 7,769 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company Profile

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.