Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT) had its price target boosted by stock analysts at TD Cowen from $90.00 to $105.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. TD Cowen’s price objective points to a potential upside of 15.79% from the company’s current price.

A number of other brokerages have also recently commented on FTNT. Raymond James increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Robert W. Baird boosted their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research note on Thursday, October 17th. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday. Finally, Hsbc Global Res upgraded shares of 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 assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $85.31.

Fortinet Price Performance

Shares of FTNT traded down $1.20 during mid-day trading on Tuesday, hitting $90.68. 1,618,546 shares of the company were exchanged, compared to its average volume of 5,494,876. The company has a 50 day moving average of $81.10 and a 200-day moving average of $69.51. Fortinet has a 1-year low of $50.65 and a 1-year high of $100.59. The stock has a market cap of $69.50 billion, a price-to-earnings ratio of 45.80, a price-to-earnings-growth ratio of 2.82 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.

Insider Activity

In related news, 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtue Capital Management LLC purchased a new position in shares of Fortinet during the 3rd quarter worth about $247,000. Arete Wealth Advisors LLC raised its stake in Fortinet by 28.6% during the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after purchasing an additional 1,733 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Fortinet by 2.2% in the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock valued at $27,735,000 after purchasing an additional 7,769 shares during the last quarter. Chiron Investment Management LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at $394,000. Finally, Coldstream Capital Management Inc. increased its holdings in shares of Fortinet by 10.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock worth $919,000 after buying an additional 1,100 shares during the last quarter. 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.