Fortinet (NASDAQ:FTNT) Price Target Raised to $78.00

Fortinet (NASDAQ:FTNT) had its price target lifted by Mizuho from $68.00 to $78.00 in a report issued on Friday,Benzinga reports. The firm currently has an underperform rating on the software maker’s stock.

Several other research firms also recently issued reports on FTNT. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Wedbush raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $89.27.

Fortinet Trading Down 0.7 %

Shares of NASDAQ:FTNT opened at $97.95 on Friday. The business’s 50 day moving average price is $88.38 and its 200-day moving average price is $74.25. Fortinet has a 1 year low of $54.57 and a 1 year high of $100.59. The firm has a market capitalization of $75.07 billion, a price-to-earnings ratio of 49.47, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. 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 other news, CEO Ken Xie sold 23,538 shares of the 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 approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of large investors have recently made changes to their positions in FTNT. Wealth Enhancement Advisory Services LLC raised its position in Fortinet by 17.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 54,955 shares of the software maker’s stock worth $3,312,000 after acquiring an additional 8,103 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Fortinet by 3.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 26,643 shares of the software maker’s stock valued at $1,606,000 after purchasing an additional 923 shares during the period. Eagle Capital Management LLC boosted its holdings in Fortinet by 2.2% during the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after buying an additional 544 shares in the last quarter. Blue Trust Inc. grew its position in Fortinet by 74.3% during the second quarter. Blue Trust Inc. now owns 8,672 shares of the software maker’s stock worth $523,000 after buying an additional 3,697 shares during the period. Finally, Gradient Investments LLC increased its holdings in Fortinet by 7.0% in the second quarter. Gradient Investments LLC now owns 71,298 shares of the software maker’s stock valued at $4,297,000 after buying an additional 4,674 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.