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

Fortinet (NASDAQ:FTNT) had its price objective raised by Citigroup from $100.00 to $101.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other analysts have also recently weighed in on FTNT. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Stifel Nicolaus lifted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Finally, TD Cowen lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $95.16.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.23 on Friday. Fortinet has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a 50-day simple moving average of $95.68 and a 200 day simple moving average of $80.34. The company has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by insiders.

Institutional Trading of Fortinet

A number of large investors have recently bought and sold shares of FTNT. Fifth Third Wealth Advisors LLC grew its stake in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the period. Versant Capital Management Inc grew its stake in shares of Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the period. Diversified Trust Co grew its stake in shares of Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after buying an additional 135 shares during the period. Eagle Capital Management LLC grew its stake in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC grew its stake in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the period. 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.