BMO Capital Markets Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price objective boosted by BMO Capital Markets from $88.00 to $100.00 in a report issued on Tuesday, MarketBeat reports. BMO Capital Markets currently has a market perform rating on the software maker’s stock.

FTNT has been the topic of a number of other reports. Wells Fargo & Company raised their price target on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Piper Sandler raised their price target on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. Finally, DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

NASDAQ:FTNT opened at $92.77 on Tuesday. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 2.71 and a beta of 1.00. 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 52 week low of $50.65 and a 52 week high of $100.59. The firm’s 50-day simple moving average is $82.45 and its 200 day simple moving average is $70.30.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Eastern Bank bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank grew its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet during the 2nd quarter valued at approximately $33,000. 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.