Fortinet (NASDAQ:FTNT) Price Target Raised to $90.00 at Deutsche Bank Aktiengesellschaft

Fortinet (NASDAQ:FTNT) had its price objective increased by Deutsche Bank Aktiengesellschaft from $77.00 to $90.00 in a research note published on Tuesday morning,Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the software maker’s stock.

A number of other analysts have also recently commented on the stock. Robert W. Baird upped their price target on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday. Truist Financial increased their price target on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research note on Thursday, October 17th. Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Down 1.3 %

Shares of NASDAQ:FTNT opened at $92.77 on Tuesday. Fortinet has a 1 year low of $50.65 and a 1 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 business has a fifty day moving average price of $82.45 and a two-hundred day moving average price of $70.30. The company has a market capitalization of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $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 accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock valued at $4,058,575 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Eastern Bank bought a new stake in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc lifted its position in shares of Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.