Fortinet (NASDAQ:FTNT) Given New $100.00 Price Target at Rosenblatt Securities

Fortinet (NASDAQ:FTNT - Get Free Report) had its price target upped by research analysts at Rosenblatt Securities from $90.00 to $100.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the software maker's stock. Rosenblatt Securities' target price suggests a potential upside of 8.17% from the stock's previous close.

FTNT has been the topic of a number of other reports. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a "neutral" rating in a research note on Friday, September 13th. Wedbush upped their price objective on Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a research note on Tuesday. Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Tuesday. JPMorgan Chase & Co. raised their price objective on Fortinet from $63.00 to $70.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued 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.com, the stock presently has an average rating of "Hold" and a consensus target price of $88.93.

Fortinet Stock Up 1.8 %

Fortinet stock traded up $1.66 during midday trading on Wednesday, hitting $92.45. 5,023,826 shares of the company were exchanged, compared to its average volume of 5,510,950. The company's fifty day moving average price is $81.39 and its 200-day moving average price is $69.73. 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 company has a market cap of $70.86 billion, a PE ratio of 46.55, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00.

Insider Activity

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 transaction of $1,763,937.72. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD lifted its stake in Fortinet by 664.8% in 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 during the last quarter. State Street Corp grew its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after buying an additional 766,135 shares in 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 in the last quarter. Swedbank AB lifted its position in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock worth $491,610,000 after buying an additional 134,366 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Fortinet by 198.5% during the second 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 during the period. 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.