Fortinet (NASDAQ:FTNT - Get Free Report) had its price target hoisted by equities research analysts at Wells Fargo & Company from $80.00 to $85.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the software maker's stock. Wells Fargo & Company's price objective indicates a potential downside of 6.38% from the stock's previous close.
Several other equities research analysts have also recently weighed in on FTNT. Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, November 8th. Morgan Stanley increased their price target on Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research note on Tuesday. HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and increased their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Rosenblatt Securities increased their price target on Fortinet from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, Mizuho cut Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 price target for the company. in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $87.10.
Read Our Latest Analysis on Fortinet
Fortinet Price Performance
NASDAQ FTNT traded down $1.09 on Tuesday, hitting $90.79. 5,705,676 shares of the company's stock were exchanged, compared to its average volume of 5,513,119. The stock has a 50-day moving average of $81.10 and a 200-day moving average of $69.51. 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 52 week low of $50.65 and a 52 week high of $100.59. The stock has a market cap of $69.59 billion, a price-to-earnings ratio of 46.00, a P/E/G ratio of 2.82 and a beta of 1.00.
Insiders Place Their Bets
In other news, CEO Ken Xie sold 23,307 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly 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 filing with the SEC, which is available at this link. Company insiders own 18.00% of the company's stock.
Institutional Trading of Fortinet
Several large investors have recently made changes to their positions in FTNT. Eastern Bank acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc lifted its position in Fortinet by 61.2% in the 2nd 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 in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.
About Fortinet
(
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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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