Fortinet (NASDAQ:FTNT) Upgraded to Overweight at Piper Sandler

Piper Sandler upgraded shares of Fortinet (NASDAQ:FTNT) from a neutral rating to an overweight rating in a report published on Monday, Marketbeat.com reports. Piper Sandler currently has $120.00 price target on the software maker’s stock, up from their prior price target of $100.00.

A number of other research analysts have also recently weighed in on the stock. Wedbush lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. The Goldman Sachs Group raised their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $94.35.

Fortinet Trading Up 0.5 %

Fortinet stock opened at $97.94 on Monday. 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 firm has a market cap of $75.07 billion, a PE ratio of 49.46, a P/E/G ratio of 2.76 and a beta of 1.00. The stock’s 50 day simple moving average is $93.25 and its two-hundred day simple moving average is $78.40. Fortinet has a 12 month low of $54.57 and a 12 month high of $101.00.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of Fortinet 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 sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm’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 transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,123 shares of company stock valued at $6,227,201 over the last 90 days. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new position in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank raised its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at about $46,000. 83.71% of the stock is owned by hedge funds and other 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.