Fortinet (NASDAQ:FTNT) Price Target Raised to $80.00 at Piper Sandler

Fortinet (NASDAQ:FTNT) had its price objective raised by Piper Sandler from $70.00 to $80.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on the company. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Robert W. Baird boosted their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday. BMO Capital Markets raised their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Finally, Scotiabank upped their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $79.52.

Fortinet Trading Up 5.6 %

Shares of FTNT stock opened at $97.18 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The business’s 50 day moving average is $79.15 and its two-hundred day moving average is $68.40. The company has a market cap of $74.33 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. Fortinet has a 12 month low of $49.70 and a 12 month high of $97.35.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction 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 directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in FTNT. Intech Investment Management LLC boosted its stake in Fortinet by 84.5% in the 3rd quarter. Intech Investment Management LLC now owns 370,773 shares of the software maker’s stock worth $28,753,000 after purchasing an additional 169,864 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Fortinet by 27.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,857,648 shares of the software maker’s stock worth $144,061,000 after buying an additional 396,919 shares during the period. Darwin Wealth Management LLC bought a new position in shares of Fortinet during the third quarter worth about $79,000. Retireful LLC acquired a new stake in Fortinet in the 3rd quarter valued at approximately $620,000. Finally, First Horizon Advisors Inc. lifted its stake in Fortinet by 1.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 212,096 shares of the software maker’s stock valued at $16,448,000 after acquiring an additional 3,871 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

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.