Wedbush Boosts Fortinet (NASDAQ:FTNT) Price Target to $105.00

Fortinet (NASDAQ:FTNT) had its target price upped by equities researchers at Wedbush from $90.00 to $105.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Wedbush’s price target would indicate a potential upside of 13.57% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday. HSBC raised Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

Shares of FTNT opened at $92.45 on Tuesday. Fortinet has a one year low of $50.65 and a one year high of $100.59. The firm has a market capitalization of $70.86 billion, a P/E ratio of 46.69, a PEG ratio of 2.82 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. The business has a fifty day moving average of $81.71 and a 200 day moving average of $69.89.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’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 transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’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 transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock valued at $4,058,575 in the last quarter. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its holdings in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB bought a new position in shares of Fortinet during the 1st quarter worth approximately $548,013,000. Marshall Wace LLP lifted its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its stake in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, FMR LLC increased its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. 83.71% of the stock is currently 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.