Wedbush Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT - Free Report) had its target price increased by Wedbush from $90.00 to $105.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the software maker's stock.

Several other analysts have also weighed in on FTNT. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday. DZ Bank upgraded shares of Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research report on Tuesday. Finally, Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $87.10.

Fortinet Stock Performance

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 company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $69.59 billion, a PE ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet has a one year low of $50.65 and a one year high of $100.59. The firm's 50 day moving average price is $81.39 and its two-hundred day moving average price is $69.73.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were 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. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 18.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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