Fortinet (NASDAQ:FTNT) Price Target Raised to $100.00

Fortinet (NASDAQ:FTNT - Free Report) had its price objective hoisted by BMO Capital Markets from $88.00 to $100.00 in a research report report published on Tuesday morning, MarketBeat.com reports. They currently have a market perform rating on the software maker's stock.

A number of other brokerages have also weighed in on FTNT. JPMorgan Chase & Co. upped their price objective on Fortinet from $63.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. TD Cowen upped their price objective on Fortinet from $75.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Royal Bank of Canada upped their price objective on Fortinet from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 7th. Cantor Fitzgerald raised their price target on Fortinet from $65.00 to $88.00 and gave the company a "neutral" rating in a research report on Tuesday, October 29th. Finally, Piper Sandler raised their price target on Fortinet from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $87.10.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded down $1.09 during trading on Tuesday, reaching $90.79. The company had a trading volume of 5,701,766 shares, compared to its average volume of 5,513,105. The stock's fifty day moving average price is $81.10 and its 200 day moving average price is $69.51. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The firm has a market capitalization of $69.59 billion, a price-to-earnings ratio of 46.00, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the business's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company's stock, valued at $4,005,692,751.70. The trade was 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 this link. Insiders own 18.00% of the company's stock.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently modified their holdings of the stock. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the second quarter worth $33,000. Finally, Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock worth $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

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.