Robert W. Baird Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its target price hoisted by Robert W. Baird from $95.00 to $100.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

FTNT has been the topic of several other reports. Piper Sandler raised their target price on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday, October 17th. Truist Financial lifted their price objective on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Rosenblatt Securities increased their price target on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One investment 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’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $87.10.

Fortinet Trading Down 1.2 %

NASDAQ FTNT opened at $90.79 on Tuesday. The stock has a market cap of $69.59 billion, a P/E ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock’s fifty day moving average price is $81.39 and its 200-day moving average price is $69.73.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Eastern Bank purchased a new stake in shares of Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. City State Bank boosted its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter valued at $33,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.