Truist Financial Reaffirms Buy Rating for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Truist Financial in a research report issued on Wednesday,Benzinga reports. They presently have a $105.00 target price on the software maker's stock, up from their previous target price of $85.00. Truist Financial's price objective points to a potential upside of 14.28% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Tuesday. TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Monday, November 11th. Raymond James upped their price target on Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Finally, Stifel Nicolaus lifted their price objective on shares of Fortinet from $84.00 to $90.00 and gave the company a "hold" rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $88.93.

Fortinet Stock Performance

Shares of Fortinet stock traded up $1.09 during trading on Wednesday, reaching $91.88. The company's stock had a trading volume of 1,608,786 shares, compared to its average volume of 5,495,522. The firm has a market cap of $70.42 billion, a PE ratio of 46.55, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a 50-day moving average price of $81.39 and a two-hundred day moving average price of $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 fifty-two week low of $50.65 and a fifty-two week high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company's stock in a transaction dated Wednesday, September 18th. The stock was 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 directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 18.00% of the stock is owned by company insiders.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Eastern Bank purchased a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the second quarter worth about $33,000. Finally, Versant Capital Management Inc boosted its position in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock worth $38,000 after buying an additional 238 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.