Fortinet (NASDAQ:FTNT - Get Free Report) had its target price raised by investment analysts at Morgan Stanley from $105.00 to $106.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the software maker's stock. Morgan Stanley's target price would indicate a potential upside of 16.61% from the company's current price.
Other equities analysts also recently issued research reports about the stock. Raymond James lifted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Cantor Fitzgerald increased their target price on Fortinet from $65.00 to $88.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 29th. Piper Sandler boosted their price objective on Fortinet from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, Scotiabank raised their price objective on shares of Fortinet from $75.00 to $85.00 and gave the company a "sector outperform" rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $87.10.
Check Out Our Latest Stock Analysis on Fortinet
Fortinet Stock Performance
NASDAQ:FTNT traded down $0.98 during trading on Tuesday, reaching $90.90. The company's stock had a trading volume of 3,418,864 shares, compared to its average volume of 5,502,913. The firm has a 50 day moving average of $81.10 and a 200-day moving average of $69.51. 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 cap of $69.67 billion, a price-to-earnings ratio of 46.00, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59.
Insider Activity
In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.00% of the company's stock.
Institutional Investors Weigh In On Fortinet
A number of hedge funds have recently added to or reduced their stakes in FTNT. Apollon Wealth Management LLC increased its position in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden raised its holdings in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP lifted its position in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker's stock valued at $130,370,000 after acquiring an additional 395,477 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker's stock worth $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker's stock valued at $11,829,000 after purchasing an additional 34,727 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet Company Profile
(
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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.
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