Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Fortinet (NASDAQ:FTNT - Get Free Report) had its target price boosted by equities research analysts at Cantor Fitzgerald from $88.00 to $95.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the software maker's stock. Cantor Fitzgerald's price target indicates a potential upside of 4.64% from the stock's current price.

FTNT has been the subject of several other research reports. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday. BMO Capital Markets upped their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research report on Tuesday. JPMorgan Chase & Co. raised their price target on Fortinet from $63.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average target price of $87.10.

Fortinet Price Performance

Shares of FTNT stock traded down $1.09 on Tuesday, reaching $90.79. The company's stock had a trading volume of 5,705,676 shares, compared to its average volume of 5,513,119. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The stock's 50 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. The company has a market capitalization of $69.59 billion, a P/E ratio of 46.00, a PEG ratio of 2.82 and a beta of 1.00.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. State Street Corp lifted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the last quarter. Swedbank AB grew its stake in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock worth $491,610,000 after acquiring an additional 134,366 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. 83.71% of the stock is 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.