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

Shares of Fortinet, Inc. (NASDAQ:FTNT) have earned an average rating of “Hold” from the thirty-four brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $92.77.

FTNT has been the topic of several research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th.

Fortinet Price Performance

NASDAQ FTNT opened at $97.81 on Friday. Fortinet has a 12 month low of $54.57 and a 12 month high of $100.59. The firm has a market capitalization of $74.97 billion, a PE ratio of 49.40, a P/E/G ratio of 2.77 and a beta of 1.00. The company’s 50 day simple moving average is $90.56 and its 200 day simple moving average is $76.09. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,123 shares of company stock worth $6,227,201. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Eastern Bank bought a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. City State Bank grew its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet in the 3rd quarter worth $46,000. Institutional investors and hedge funds 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.