Fortinet (NASDAQ:FTNT) Price Target Raised to $97.00

Fortinet (NASDAQ:FTNT - Free Report) had its price target lifted by Royal Bank of Canada from $82.00 to $97.00 in a report released on Tuesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the software maker's stock.

A number of other analysts have also recently weighed in on the company. Cantor Fitzgerald raised their price objective on Fortinet from $88.00 to $95.00 and gave the stock a "neutral" rating in a research report on Tuesday. Morgan Stanley raised their price target on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday. BMO Capital Markets upped their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday. TD Cowen lifted their target price on shares of Fortinet from $75.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Finally, HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and boosted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One 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 company's stock. According to MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $87.10.

Fortinet Stock Down 1.2 %

Shares of NASDAQ:FTNT traded down $1.09 during trading on Tuesday, reaching $90.79. The stock had a trading volume of 5,705,676 shares, compared to its average volume of 5,513,119. The firm's 50-day simple moving average is $81.39 and its 200 day simple moving average is $69.73. 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 one year low of $50.65 and a one year high of $100.59. The company has a market capitalization of $69.59 billion, a P/E ratio of 45.85, a PEG ratio of 2.82 and a beta of 1.00.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.00% of the company's stock.

Hedge Funds Weigh In On Fortinet

Institutional investors have recently bought and sold shares of the company. Apollon Wealth Management LLC grew its position in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden raised its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock valued at $10,508,000 after buying an additional 14,300 shares during the period. Sarasin & Partners LLP raised its holdings in Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker's stock valued at $130,370,000 after buying an additional 395,477 shares during the period. Cetera Investment Advisers boosted its stake in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker's stock worth $10,765,000 after buying an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC increased its position in shares of Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker's stock valued at $78,188,000 after acquiring an additional 40,277 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.