Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00

Fortinet (NASDAQ:FTNT - Free Report) had its price objective increased by JPMorgan Chase & Co. from $99.00 to $105.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the software maker's stock.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus upped their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, November 19th. Rosenblatt Securities lifted their price target on Fortinet from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Truist Financial restated a "buy" rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a report on Tuesday, November 19th. Finally, Wedbush increased their price target on Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $90.43.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $0.21 during mid-day trading on Monday, reaching $98.16. The stock had a trading volume of 3,821,705 shares, compared to its average volume of 5,411,472. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 1 year low of $54.57 and a 1 year high of $100.59. The business's 50 day moving average price is $88.79 and its 200 day moving average price is $74.54. The company has a market cap of $75.24 billion, a P/E ratio of 49.58, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the firm's stock in a transaction on Wednesday, October 16th. The stock was 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 of the company's stock, valued at $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. Over the last quarter, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently modified their holdings of FTNT. Eagle Capital Management LLC grew its stake in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock worth $1,545,000 after acquiring an additional 544 shares during the last quarter. Raymond James & Associates lifted its position in Fortinet by 6.3% in the second quarter. Raymond James & Associates now owns 517,899 shares of the software maker's stock worth $31,214,000 after buying an additional 30,576 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Fortinet by 8.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 141,637 shares of the software maker's stock valued at $8,536,000 after purchasing an additional 11,476 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Fortinet by 4.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker's stock worth $10,692,000 after purchasing an additional 7,128 shares during the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in shares of Fortinet by 300.1% in the second quarter. Pallas Capital Advisors LLC now owns 12,544 shares of the software maker's stock worth $729,000 after purchasing an additional 9,409 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

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.