Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Barclays Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective hoisted by analysts at Barclays from $85.00 to $95.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price indicates a potential upside of 3.22% from the stock’s previous close.

FTNT has been the subject of a number of other research reports. Wells Fargo & Company raised their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial upped their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $77.72.

Fortinet Stock Performance

NASDAQ FTNT opened at $92.04 on Friday. The business’s 50-day moving average price is $78.74 and its 200 day moving average price is $68.15. 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 firm has a market cap of $70.40 billion, a P/E ratio of 54.46, a P/E/G ratio of 2.85 and a beta of 1.00. Fortinet has a 52-week low of $49.63 and a 52-week high of $92.53.

Insider Activity

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several hedge funds have recently made changes to their positions in FTNT. GSA Capital Partners LLP acquired a new position in Fortinet during the 1st quarter valued at about $569,000. Empowered Funds LLC grew its position in Fortinet by 12.4% in the 1st quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock valued at $2,015,000 after buying an additional 3,258 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in Fortinet by 43.1% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,061 shares of the software maker’s stock valued at $414,000 after buying an additional 1,825 shares during the period. Illinois Municipal Retirement Fund raised its position in shares of Fortinet by 6.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 159,779 shares of the software maker’s stock worth $10,915,000 after buying an additional 9,534 shares in the last quarter. Finally, Forsta AP Fonden increased its stake in shares of Fortinet by 7.4% during the first quarter. Forsta AP Fonden now owns 136,700 shares of the software maker’s stock valued at $9,338,000 after acquiring an additional 9,400 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.