Jefferies Financial Group Raises Fortinet (NASDAQ:FTNT) Price Target to $105.00

Fortinet (NASDAQ:FTNT - Free Report) had its price target increased by Jefferies Financial Group from $95.00 to $105.00 in a research report report published on Thursday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker's stock.

Other equities analysts also recently issued research reports about the stock. Scotiabank increased their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector outperform" rating in a report on Wednesday, November 20th. Truist Financial reiterated a "buy" rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Wedbush boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and lifted their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $92.77.

Fortinet Stock Performance

Shares of FTNT stock traded up $1.49 during mid-day trading on Thursday, reaching $94.85. The stock had a trading volume of 4,532,267 shares, compared to its average volume of 5,403,554. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59. The firm has a market cap of $72.70 billion, a price-to-earnings ratio of 47.90, a PEG ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The business's fifty day moving average is $89.45 and its 200-day moving average is $74.94.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company's stock in a transaction on Wednesday, October 16th. The shares were 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 owns 48,915,530 shares of the company's stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,207 shares of company stock valued at $3,983,037 in the last 90 days. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp boosted its holdings in Fortinet by 2.9% in 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 purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC raised its position 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 buying an additional 354,692 shares during the period. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock worth $448,854,000 after acquiring an additional 542,727 shares during the period. Finally, Van ECK Associates Corp increased its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

About Fortinet

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.