Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Target Price at $88.93

Fortinet, Inc. (NASDAQ:FTNT) has been given a consensus recommendation of “Hold” by the thirty-three analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $88.93.

Several research analysts have recently commented on FTNT shares. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. 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 report on Tuesday, November 19th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Scotiabank lifted their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th.

Fortinet Trading Up 1.1 %

Fortinet stock opened at $95.05 on Monday. The stock has a 50-day simple moving average of $84.33 and a 200 day simple moving average of $71.61. The stock has a market capitalization of $72.85 billion, a P/E ratio of 48.01, a PEG ratio of 2.76 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. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated 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 trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently added to or reduced their stakes in the business. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at about $33,000. Finally, Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Company Profile

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.