Rosenblatt Securities Raises Fortinet (NASDAQ:FTNT) Price Target to $100.00

Fortinet (NASDAQ:FTNT) had its price objective upped by Rosenblatt Securities from $90.00 to $100.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

A number of other equities research analysts have also weighed in on FTNT. Stifel Nicolaus raised their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research report on Thursday, October 17th. Cantor Fitzgerald increased their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday. Robert W. Baird lifted their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Barclays increased their target price on 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Stock Performance

Fortinet stock opened at $92.77 on Wednesday. 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 one year low of $50.65 and a one year high of $100.59. The stock’s 50 day moving average price is $82.45 and its 200 day moving average price is $70.30. The firm has a market capitalization of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % 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, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction 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 $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock valued at $4,058,575. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Anchor Investment Management LLC boosted its stake in Fortinet by 4.2% during the 3rd quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock valued at $3,565,000 after purchasing an additional 1,866 shares in the last quarter. Tri Ri Asset Management Corp bought a new position in Fortinet during the third quarter valued at about $3,542,000. Virtue Capital Management LLC acquired a new position in Fortinet during the third quarter worth about $247,000. Arete Wealth Advisors LLC raised its position in Fortinet by 28.6% in the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after acquiring an additional 1,733 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in Fortinet by 2.2% in the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after acquiring an additional 7,769 shares during 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.