Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Fortinet (NASDAQ:FTNT - Free Report) had its price target upped by Piper Sandler from $80.00 to $100.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the software maker's stock.

FTNT has been the topic of several other reports. Truist Financial lifted their target price on Fortinet from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. UBS Group boosted their price objective on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the stock a "neutral" rating in a research note on Friday, September 13th. Guggenheim downgraded Fortinet from a "buy" rating to a "neutral" rating in a report on Monday, July 29th. Finally, Wells Fargo & Company increased their price objective on shares of Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Tuesday. 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. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average target price of $87.10.

Fortinet Trading Down 1.2 %

Shares of NASDAQ FTNT traded down $1.09 during midday trading on Tuesday, hitting $90.79. The stock had a trading volume of 5,705,676 shares, compared to its average volume of 5,513,119. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $69.59 billion, a P/E ratio of 45.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company's 50-day simple moving average is $81.39 and its 200 day simple moving average is $69.73.

Insider Transactions 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 shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake 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. Swedbank AB bought a new stake in shares of Fortinet during the 1st quarter valued at $548,013,000. Marshall Wace LLP lifted its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, FMR LLC lifted its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

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.