Cantor Fitzgerald Raises Fortinet (NASDAQ:FTNT) Price Target to $95.00

Fortinet (NASDAQ:FTNT) had its price objective upped by stock analysts at Cantor Fitzgerald from $88.00 to $95.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 2.76% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Piper Sandler increased their price target on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Rosenblatt Securities raised their target price on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Scotiabank upped their price target on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. Raymond James boosted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

NASDAQ FTNT opened at $92.45 on Tuesday. The company has a 50-day moving average price of $81.71 and a two-hundred day moving average price of $69.89. The stock has a market cap of $70.86 billion, a price-to-earnings ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 over the last ninety days. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently modified their holdings of FTNT. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC lifted 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 valued at $32,000 after purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new stake in Fortinet during the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. 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.