Citigroup Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT - Free Report) had its price objective upped by Citigroup from $100.00 to $101.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the software maker's stock.

Several other equities analysts have also recently weighed in on FTNT. Raymond James reissued a "market perform" rating on shares of Fortinet in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Stifel Nicolaus lifted their price objective on Fortinet from $90.00 to $103.00 and gave the company a "hold" rating in a report on Wednesday, December 18th. Finally, Wedbush raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $95.16.

Fortinet Stock Performance

Fortinet stock traded up $0.18 during trading hours on Friday, reaching $94.23. 4,915,554 shares of the company were exchanged, compared to its average volume of 4,213,868. The firm has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. Fortinet has a 12 month low of $54.57 and a 12 month high of $101.00. 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 stock has a 50-day moving average of $95.63 and a 200 day moving average of $80.10.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company's stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. Insiders own 18.00% of the company's stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank increased its position in shares of Fortinet by 900.0% during 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 during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet in the 3rd quarter worth about $46,000. 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.