Fortinet (NASDAQ:FTNT) Given New $105.00 Price Target at JPMorgan Chase & Co.

Fortinet (NASDAQ:FTNT) had its price objective boosted by JPMorgan Chase & Co. from $99.00 to $105.00 in a research report released on Monday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other research analysts have also recently issued reports on FTNT. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Cantor Fitzgerald upped their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, Rosenblatt Securities upped their price target on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $90.43.

Fortinet Trading Up 0.2 %

NASDAQ FTNT opened at $98.16 on Monday. The stock’s 50 day moving average is $88.79 and its 200 day moving average is $74.54. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $75.24 billion, a PE ratio of 49.58, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet has a twelve month low of $54.57 and a twelve month high of $100.59.

Insiders Place Their Bets

In related 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 completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 in the last quarter. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently made changes to their positions in the company. Marshall Wace LLP increased its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Van ECK Associates Corp boosted its position in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. FMR LLC grew its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Fortinet by 89.7% during the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the period. Finally, Los Angeles Capital Management LLC raised its stake in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.