Fortinet (FTNT) – Research Analysts’ Recent Ratings Updates

Several analysts have recently updated their ratings and price targets for Fortinet (NASDAQ: FTNT):

• 12/19/2024 – Fortinet was upgraded by analysts at KeyCorp from a “sector weight” rating to an “overweight” rating. They now have a $115.00 price target on the stock.
• 12/19/2024 – Fortinet had its price target raised by analysts at Jefferies Financial Group Inc. from $95.00 to $105.00. They now have a “hold” rating on the stock.
• 12/18/2024 – Fortinet had its price target raised by analysts at Stifel Nicolaus from $90.00 to $103.00. They now have a “hold” rating on the stock.
• 12/16/2024 – Fortinet had its price target raised by analysts at JPMorgan Chase & Co. from $99.00 to $105.00. They now have a “neutral” rating on the stock.
• 12/13/2024 – Fortinet had its price target raised by analysts at Mizuho from $68.00 to $78.00. They now have an “underperform” rating on the stock.
• 11/22/2024 – Fortinet had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
• 11/20/2024 – Fortinet had its price target raised by analysts at Scotiabank from $85.00 to $110.00. They now have a “sector outperform” rating on the stock.
• 11/20/2024 – Fortinet had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $105.00 price target on the stock, up previously from $85.00.
• 11/20/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $90.00 to $100.00. They now have a “buy” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Royal Bank of Canada from $82.00 to $97.00. They now have a “sector perform” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Morgan Stanley from $105.00 to $106.00. They now have an “overweight” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Wedbush from $90.00 to $105.00. They now have an “outperform” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Robert W. Baird from $95.00 to $100.00. They now have an “outperform” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Piper Sandler from $80.00 to $100.00. They now have a “neutral” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Cantor Fitzgerald from $88.00 to $95.00. They now have a “neutral” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at BMO Capital Markets from $88.00 to $100.00. They now have a “market perform” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Stifel Nicolaus from $84.00 to $90.00. They now have a “hold” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $77.00 to $90.00. They now have a “hold” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Wells Fargo & Company from $80.00 to $85.00. They now have an “equal weight” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at Bank of America Co. from $87.00 to $104.00. They now have a “buy” rating on the stock.
• 11/19/2024 – Fortinet had its price target raised by analysts at TD Cowen from $90.00 to $105.00. They now have a “buy” rating on the stock.
• 11/11/2024 – Fortinet was upgraded by analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating.
• 11/11/2024 – Fortinet had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
• 11/11/2024 – Fortinet was upgraded by analysts at HSBC Holdings plc from a “hold” rating to a “buy” rating. They now have a $111.00 price target on the stock, up previously from $83.00.
• 11/8/2024 – Fortinet had its price target raised by analysts at Scotiabank from $75.00 to $85.00. They now have a “sector outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Raymond James from $85.00 to $95.00. They now have an “outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Wedbush from $78.00 to $90.00. They now have an “outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Robert W. Baird from $80.00 to $88.00. They now have an “outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at UBS Group AG from $70.00 to $83.00. They now have a “neutral” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Piper Sandler from $70.00 to $80.00. They now have a “neutral” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Barclays PLC from $85.00 to $95.00. They now have an “equal weight” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $85.00 to $90.00. They now have a “buy” rating on the stock.
• 10/31/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $72.00 to $85.00. They now have a “buy” rating on the stock.
• 10/29/2024 – Fortinet had its price target raised by analysts at Cantor Fitzgerald from $65.00 to $88.00. They now have a “neutral” rating on the stock.
• 10/25/2024 – Fortinet was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

Fortinet Stock Up 2.5 %

Shares of FTNT stock opened at $97.19 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap 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 business’s fifty day moving average is $89.98 and its 200-day moving average is $75.57. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $100.59.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of the 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 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 this link. 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 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 represents a 0.05 % decrease in their position. 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 over the last three months. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently bought and sold shares of FTNT. Marshall Wace LLP lifted its position in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp increased its stake in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. FMR LLC lifted its position in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.