Morgan Stanley Boosts Fortinet (NASDAQ:FTNT) Price Target to $106.00

Fortinet (NASDAQ:FTNT) had its price objective hoisted by Morgan Stanley from $105.00 to $106.00 in a research note released on Tuesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

A number of other brokerages have also recently issued reports on FTNT. Royal Bank of Canada increased their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. BMO Capital Markets lifted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Cantor Fitzgerald increased their target price on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. TD Cowen boosted their target price on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

Shares of FTNT opened at $92.77 on Tuesday. The stock has a 50-day moving average of $82.45 and a 200-day moving average of $70.30. Fortinet has a one year low of $50.65 and a one year high of $100.59. 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 cap of $71.10 billion, a PE ratio of 46.85, a P/E/G ratio of 2.71 and a beta of 1.00.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on 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 $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently bought and sold shares of the business. Eastern Bank purchased a new stake in Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank boosted its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter worth $33,000. 83.71% of the stock is owned by 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.