Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Bank of America Analyst Says

Fortinet (NASDAQ:FTNT - Get Free Report) had its target price lifted by stock analysts at Bank of America from $87.00 to $104.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the software maker's stock. Bank of America's price target suggests a potential upside of 14.55% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. TD Cowen increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the company a "neutral" rating in a report on Friday, September 13th. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Rosenblatt Securities boosted their price objective on shares of Fortinet from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $87.10.

Fortinet Stock Performance

Shares of Fortinet stock traded down $1.09 during trading on Tuesday, reaching $90.79. The company's stock had a trading volume of 5,705,676 shares, compared to its average volume of 5,513,119. The firm has a market cap of $69.59 billion, a PE ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a 50-day moving average price of $81.39 and a two-hundred day moving average price of $69.73. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Eastern Bank purchased a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC increased its holdings in shares of 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 buying an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc boosted its holdings in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Institutional investors and hedge funds 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.