Wells Fargo & Company Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price objective increased by Wells Fargo & Company from $80.00 to $85.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

A number of other brokerages have also issued reports on FTNT. UBS Group upped their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Rosenblatt Securities increased their price objective on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday, October 17th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Performance

Shares of Fortinet stock opened at $94.13 on Tuesday. The firm has a market cap of $72.15 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The firm’s 50-day simple moving average is $82.10 and its 200-day simple moving average is $70.06. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 1 year low of $50.65 and a 1 year high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value 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. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock worth $4,058,575 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

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

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.