Fortinet (NASDAQ:FTNT) Price Target Raised to $95.00 at Cantor Fitzgerald

Fortinet (NASDAQ:FTNT) had its price objective raised by Cantor Fitzgerald from $88.00 to $95.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

FTNT has been the subject of a number of other reports. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday. JPMorgan Chase & Co. increased their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday. Finally, DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Performance

Shares of FTNT stock opened at $92.77 on Tuesday. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The firm has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The business has a 50 day simple moving average of $82.45 and a 200 day simple moving average of $70.30. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the 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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,095 shares of company stock worth $4,058,575. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently bought and sold shares of the business. Anchor Investment Management LLC increased its position in Fortinet by 4.2% during the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after buying an additional 1,866 shares during the last quarter. Tri Ri Asset Management Corp acquired a new stake in shares of Fortinet in the third quarter valued at about $3,542,000. Virtue Capital Management LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $247,000. Arete Wealth Advisors LLC grew its position in shares of Fortinet by 28.6% in the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock valued at $603,000 after purchasing an additional 1,733 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in shares of Fortinet by 2.2% in the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after purchasing an additional 7,769 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.