Royal Bank of Canada Boosts Fortinet (NASDAQ:FTNT) Price Target to $97.00

Fortinet (NASDAQ:FTNT) had its target price raised by equities research analysts at Royal Bank of Canada from $82.00 to $97.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s target price suggests a potential upside of 4.92% from the company’s previous close.

FTNT has been the topic of several other reports. TD Cowen upped their target price on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Susquehanna upped their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. UBS Group boosted their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

NASDAQ:FTNT opened at $92.45 on Tuesday. The stock has a market cap of $70.86 billion, a P/E 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. The stock’s 50-day moving average is $81.71 and its 200-day moving average is $69.89. Fortinet has a 1-year low of $50.65 and a 1-year high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on 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 owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last quarter. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Apollon Wealth Management LLC grew its stake in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden lifted its holdings in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP lifted its holdings in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers lifted its holdings in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after purchasing an additional 40,277 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

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.