Fortinet (NASDAQ:FTNT) Price Target Raised to $101.00

Fortinet (NASDAQ:FTNT) had its target price raised by Citigroup from $100.00 to $101.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other research analysts also recently issued reports on FTNT. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Barclays increased their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Finally, Wells Fargo & Company raised their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $96.17.

Fortinet Price Performance

Shares of FTNT opened at $94.23 on Friday. The business has a 50-day moving average of $95.68 and a 200-day moving average of $80.61. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. Fortinet has a 1 year low of $54.57 and a 1 year high of $101.00.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at $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. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Eagle Capital Management LLC lifted 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 valued at $1,545,000 after purchasing an additional 544 shares during the last quarter. Mutual of America Capital Management LLC lifted its stake in shares of Fortinet by 6.6% during the 2nd quarter. Mutual of America Capital Management LLC now owns 114,634 shares of the software maker’s stock valued at $6,909,000 after buying an additional 7,086 shares in the last quarter. Blair William & Co. IL boosted its holdings in Fortinet by 0.7% in the 2nd quarter. Blair William & Co. IL now owns 225,350 shares of the software maker’s stock worth $13,582,000 after buying an additional 1,538 shares during the period. MQS Management LLC bought a new position in Fortinet in the 2nd quarter worth approximately $311,000. Finally, Intech Investment Management LLC raised its holdings in Fortinet by 3.3% during the 2nd quarter. Intech Investment Management LLC now owns 200,909 shares of the software maker’s stock valued at $12,109,000 after acquiring an additional 6,460 shares during the period. Hedge funds and other 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.