Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Price Target at $88.93

Shares of Fortinet, Inc. (NASDAQ:FTNT) have received a consensus rating of “Hold” from the thirty-three ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, nineteen have assigned a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $88.93.

A number of analysts recently issued reports on the stock. Rosenblatt Securities increased their target price on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th.

Fortinet Price Performance

NASDAQ:FTNT opened at $94.06 on Monday. The firm has a market cap of $72.09 billion, a price-to-earnings ratio of 47.72, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. 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 company’s 50-day moving average is $83.21 and its two-hundred day moving average is $70.96.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated 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 owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. boosted its position in Fortinet by 21.6% during the 3rd quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker’s stock worth $32,408,000 after acquiring an additional 69,374 shares during the period. Tri Ri Asset Management Corp acquired a new stake in Fortinet during the 3rd quarter worth about $3,566,000. Peapack Gladstone Financial Corp boosted its position in Fortinet by 13.9% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 182,538 shares of the software maker’s stock worth $14,155,000 after acquiring an additional 22,246 shares during the period. Tidal Investments LLC lifted its holdings in shares of Fortinet by 311.3% during the 3rd quarter. Tidal Investments LLC now owns 133,226 shares of the software maker’s stock valued at $10,332,000 after buying an additional 100,832 shares during the last quarter. Finally, Optimist Retirement Group LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at about $394,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.