Mizuho Increases Fortinet (NASDAQ:FTNT) Price Target to $78.00

Fortinet (NASDAQ:FTNT) had its target price hoisted by Mizuho from $68.00 to $78.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “underperform” rating on the software maker’s stock. Mizuho’s price target points to a potential downside of 20.37% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Raymond James boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $89.27.

Fortinet Stock Down 0.7 %

Shares of NASDAQ:FTNT opened at $97.95 on Friday. The business’s 50 day simple moving average is $88.38 and its two-hundred day simple moving average is $74.15. The firm has a market cap of $75.07 billion, a P/E ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00. Fortinet has a 52-week low of $54.57 and a 52-week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction dated 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 directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 68,745 shares of company stock worth $5,746,974 in the last quarter. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the second quarter valued at approximately $33,000. 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.