Fortinet (NASDAQ:FTNT) Price Target Raised to $90.00 at Deutsche Bank Aktiengesellschaft

Fortinet (NASDAQ:FTNT - Free Report) had its price objective increased by Deutsche Bank Aktiengesellschaft from $77.00 to $90.00 in a report released on Tuesday morning,Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the software maker's stock.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald upped their price target on shares of Fortinet from $65.00 to $88.00 and gave the company a "neutral" rating in a report on Tuesday, October 29th. Raymond James increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Scotiabank raised their price target on shares of Fortinet from $75.00 to $85.00 and gave the stock a "sector outperform" rating in a research note on Friday, November 8th. Mizuho downgraded shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 target price on the stock. in a research note on Thursday, October 17th. Finally, Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research note on Tuesday. 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $87.10.

Fortinet Trading Down 1.1 %

FTNT traded down $0.98 on Tuesday, hitting $90.90. The company had a trading volume of 3,418,864 shares, compared to its average volume of 5,502,913. The business's fifty day simple moving average is $81.10 and its 200 day simple moving average is $69.51. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a market cap of $69.67 billion, a PE ratio of 46.00, a PEG ratio of 2.82 and a beta of 1.00.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the firm's 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 transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC boosted its stake 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 acquiring an additional 173 shares in the last quarter. City State Bank grew its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter valued at about $33,000. 83.71% of the stock is currently 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.