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

Fortinet (NASDAQ:FTNT) had its price objective hoisted by investment analysts at Rosenblatt Securities from $90.00 to $100.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 6.23% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Barclays lifted their target price 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. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Truist Financial upped their target price on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, BMO Capital Markets upped their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Performance

FTNT stock opened at $94.13 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. The stock has a market cap of $72.15 billion, a P/E ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00. The firm has a 50 day simple moving average of $82.10 and a 200 day simple moving average of $70.06. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Apollon Wealth Management LLC lifted its stake in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the period. Forsta AP Fonden grew its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP grew its stake in Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers lifted its position in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its position in shares of Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.