Cantor Fitzgerald Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target raised by Cantor Fitzgerald from $88.00 to $95.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other research analysts have also recently weighed in on FTNT. TD Cowen lifted their price objective on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Piper Sandler upped their price target on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. 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 issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $87.10.

Fortinet Price Performance

NASDAQ:FTNT opened at $90.79 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a 50 day moving average price of $81.39 and a 200-day moving average price of $69.73. Fortinet has a 1-year low of $50.65 and a 1-year high of $100.59. The firm has a market cap of $69.59 billion, a price-to-earnings ratio of 45.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00.

Insider Activity at Fortinet

In related news, 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 completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC boosted its holdings in Fortinet by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock valued at $2,996,000 after purchasing an additional 6,309 shares during the period. Lake Street Advisors Group LLC increased its holdings in Fortinet by 20.3% during the 1st quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock worth $369,000 after purchasing an additional 912 shares during the period. Crewe Advisors LLC acquired a new stake in Fortinet in the 1st quarter valued at about $110,000. Delap Wealth Advisory LLC purchased a new position in shares of Fortinet in the 1st quarter valued at about $210,000. Finally, CreativeOne Wealth LLC acquired a new position in shares of Fortinet during the first quarter worth about $732,000. Hedge funds and other 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.