Stifel Nicolaus Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its target price increased by Stifel Nicolaus from $84.00 to $90.00 in a research note released on Tuesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other equities research analysts have also commented on FTNT. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Susquehanna boosted their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. BMO Capital Markets boosted their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, Cantor Fitzgerald boosted their price objective on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

Shares of Fortinet stock opened at $92.77 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The business has a 50-day moving average price of $82.45 and a 200 day moving average price of $70.30. The firm 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.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FTNT. O Shaughnessy Asset Management LLC lifted its stake in Fortinet by 16.8% during the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock worth $2,996,000 after purchasing an additional 6,309 shares in the last quarter. Lake Street Advisors Group LLC increased its position in shares of Fortinet by 20.3% during the first quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock worth $369,000 after acquiring an additional 912 shares during the period. Crewe Advisors LLC purchased a new stake in shares of Fortinet during the first quarter worth $110,000. Delap Wealth Advisory LLC purchased a new stake in shares of Fortinet during the first quarter worth $210,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Fortinet during the first quarter worth $732,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.