Bank of America Raises Fortinet (NASDAQ:FTNT) Price Target to $104.00

Fortinet (NASDAQ:FTNT) had its price target hoisted by equities research analysts at Bank of America from $87.00 to $104.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Bank of America‘s price target would indicate a potential upside of 12.49% from the company’s previous close.

Several other brokerages also recently issued reports on FTNT. Truist Financial raised their price objective on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wedbush boosted their price objective on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday. Royal Bank of Canada increased their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday. Finally, Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $88.93.

Fortinet Trading Up 1.8 %

Fortinet stock opened at $92.45 on Tuesday. Fortinet has a 52 week low of $50.65 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. The firm has a market capitalization of $70.86 billion, a PE ratio of 46.69, a PEG ratio of 2.82 and a beta of 1.00. The business’s 50-day simple moving average is $81.71 and its 200-day simple moving average is $69.89.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. 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 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 transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 over the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. O Shaughnessy Asset Management LLC increased its holdings in Fortinet by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock worth $2,996,000 after purchasing an additional 6,309 shares in the last quarter. Lake Street Advisors Group LLC increased its stake in shares of Fortinet by 20.3% in the 1st quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock valued at $369,000 after acquiring an additional 912 shares in the last quarter. Crewe Advisors LLC acquired a new position in shares of Fortinet during the 1st quarter valued at $110,000. Delap Wealth Advisory LLC bought a new position in Fortinet during the first quarter worth $210,000. Finally, CreativeOne Wealth LLC acquired a new stake in Fortinet in the first quarter worth $732,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.