Robert W. Baird Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT - Free Report) had its price target raised by Robert W. Baird from $95.00 to $100.00 in a research note published on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker's stock.

Several other equities research analysts have also recently commented on FTNT. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Thursday, August 8th. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 7th. Guggenheim cut shares of Fortinet from a "buy" rating to a "neutral" rating in a research report on Monday, July 29th. Wedbush boosted their target price on shares of Fortinet from $78.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Finally, TD Cowen raised their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. One equities research 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $87.10.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $0.98 during midday trading on Tuesday, hitting $90.90. The company's stock had a trading volume of 3,418,864 shares, compared to its average volume of 5,502,913. Fortinet has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a market cap of $69.67 billion, a P/E 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 quick ratio of 1.25 and a current ratio of 1.34. The business's 50 day simple moving average is $81.10 and its 200 day simple moving average is $69.51.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC raised its position in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after buying an additional 141 shares during the period. Parallel Advisors LLC raised its stake in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock valued at $452,000 after acquiring an additional 148 shares during the last quarter. Crewe Advisors LLC grew its stake in shares of Fortinet by 8.8% in the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker's stock valued at $152,000 after purchasing an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the period. Institutional investors and hedge funds 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.