Stifel Nicolaus Increases Fortinet (NASDAQ:FTNT) Price Target to $90.00

Fortinet (NASDAQ:FTNT - Free Report) had its price objective hoisted by Stifel Nicolaus from $84.00 to $90.00 in a report released on Tuesday,Benzinga reports. The firm currently has a hold rating on the software maker's stock.

FTNT has been the subject of several other research reports. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Raymond James boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Morgan Stanley increased their price target on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday. Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, November 8th. Finally, Piper Sandler upped their target price on Fortinet from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average target price of $87.10.

Fortinet Trading Down 1.2 %

Shares of NASDAQ FTNT traded down $1.09 during trading on Tuesday, reaching $90.79. The company had a trading volume of 5,705,676 shares, compared to its average volume of 5,513,119. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market cap of $69.59 billion, a P/E ratio of 46.00, a PEG ratio of 2.82 and a beta of 1.00. The company's fifty day moving average price is $81.10 and its 200-day moving average price is $69.51.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business's stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 18.00% of the company's stock.

Institutional Trading of Fortinet

Hedge funds have recently added to or reduced their stakes in the stock. Virtue Capital Management LLC bought a new stake in shares of Fortinet in the 3rd quarter worth approximately $247,000. Arete Wealth Advisors LLC raised its stake in shares of Fortinet by 28.6% in the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker's stock valued at $603,000 after buying an additional 1,733 shares during the period. Toronto Dominion Bank lifted its position in shares of Fortinet by 2.2% during the 3rd quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker's stock valued at $27,735,000 after buying an additional 7,769 shares during the last quarter. Chiron Investment Management LLC bought a new position in shares of Fortinet during the 3rd quarter worth $394,000. Finally, Coldstream Capital Management Inc. increased its holdings in 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 last quarter. 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.