Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT) had its price objective boosted by JPMorgan Chase & Co. from $99.00 to $105.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Wedbush raised their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Stifel Nicolaus upped their price objective on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Morgan Stanley raised their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $90.87.

Fortinet Stock Down 4.4 %

FTNT stock opened at $93.36 on Monday. The firm has a fifty day moving average price of $89.45 and a two-hundred day moving average price of $74.94. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59. The firm has a market cap of $71.56 billion, a price-to-earnings ratio of 47.15, a PEG ratio of 2.77 and a beta of 1.00.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated 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 directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,207 shares of company stock worth $3,983,037 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the 3rd 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. City State Bank raised its stake in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, DT Investment Partners LLC lifted its holdings in shares of Fortinet by 539.0% during the 2nd quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock valued at $40,000 after buying an additional 566 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other 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.