Raymond James Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNTFree Report) had its price objective raised by Raymond James from $85.00 to $95.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other equities analysts have also recently issued research reports about the company. Citigroup boosted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Truist Financial upped their price target on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research report on Wednesday, August 7th. Robert W. Baird raised their target price on shares of Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $77.72.

Check Out Our Latest Research Report on FTNT

Fortinet Trading Up 10.0 %

Shares of Fortinet stock opened at $92.04 on Friday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $70.40 billion, a P/E ratio of 46.48, a PEG ratio of 3.24 and a beta of 1.00. Fortinet has a 1 year low of $49.63 and a 1 year high of $92.53. The company’s fifty day moving average is $78.74 and its two-hundred day moving average is $68.17.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB increased its position in shares of Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after acquiring an additional 134,366 shares during the last quarter. Marshall Wace LLP lifted its stake 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 acquiring an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

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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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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