Fortinet (NASDAQ:FTNT) Given New $105.00 Price Target at TD Cowen

Fortinet (NASDAQ:FTNT - Free Report) had its price target hoisted by TD Cowen from $90.00 to $105.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the software maker's stock.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday. Scotiabank boosted their target price on shares of Fortinet from $75.00 to $85.00 and gave the company a "sector outperform" rating in a report on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Tuesday. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday. Finally, Mizuho lowered shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently 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. 5,705,676 shares of the company were exchanged, compared to its average volume of 5,513,119. The company has a market cap of $69.59 billion, a price-to-earnings ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. The business has a 50-day moving average price of $81.39 and a 200 day moving average price of $69.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 1 year low of $50.65 and a 1 year high of $100.59.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.00% of the company's stock.

Institutional Trading of Fortinet

A number of large investors have recently bought and sold shares of the business. Virtue Capital Management LLC acquired a new stake in Fortinet during the 3rd quarter worth $247,000. Arete Wealth Advisors LLC lifted its stake in shares of Fortinet by 28.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker's stock worth $603,000 after acquiring an additional 1,733 shares during the period. Toronto Dominion Bank lifted its stake in shares of Fortinet by 2.2% in the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker's stock worth $27,735,000 after acquiring an additional 7,769 shares during the period. Chiron Investment Management LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth $394,000. Finally, Coldstream Capital Management Inc. lifted its stake in shares of Fortinet by 10.5% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker's stock worth $919,000 after acquiring an additional 1,100 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.