Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Target Price at $92.77

Shares of Fortinet, Inc. (NASDAQ:FTNT) have earned an average rating of “Hold” from the thirty-four research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $92.77.

FTNT has been the subject of a number of research reports. Rosenblatt Securities lifted their price objective on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Truist Financial reissued a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th.

Fortinet Stock Up 2.5 %

Fortinet stock opened at $97.19 on Friday. The company has a market capitalization of $74.49 billion, a PE ratio of 49.09, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $100.59. The firm has a 50 day moving average price of $89.98 and a 200 day moving average price of $75.46.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $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. Insiders sold a total of 68,123 shares of company stock valued at $6,227,201 in the last three months. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. Eagle Capital Management LLC boosted its stake in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after buying an additional 544 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Fortinet by 4.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker’s stock worth $10,692,000 after purchasing an additional 7,128 shares during the period. Fifth Third Bancorp grew its stake in shares of Fortinet by 2.9% during the 2nd quarter. Fifth Third Bancorp now owns 18,672 shares of the software maker’s stock worth $1,125,000 after purchasing an additional 533 shares during the period. &PARTNERS purchased a new position in shares of Fortinet in the 2nd quarter valued at about $739,000. Finally, Atlantic Union Bankshares Corp boosted its holdings in Fortinet by 17.4% during the second quarter. Atlantic Union Bankshares Corp now owns 48,305 shares of the software maker’s stock worth $2,911,000 after buying an additional 7,166 shares in the last quarter. 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.