Analysts Set Fortinet, Inc. (NASDAQ:FTNT) PT at $64.64

Shares of Fortinet, Inc. (NASDAQ:FTNTGet Free Report) have received an average rating of “Hold” from the thirty-four analysts that are currently covering the firm, MarketBeat.com reports. Twenty-three research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $64.64.

FTNT has been the topic of several research reports. DZ Bank initiated coverage on shares of Fortinet in a report on Wednesday, October 18th. They set a “hold” rating and a $58.00 price target on the stock. Piper Sandler decreased their price target on shares of Fortinet from $65.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, November 3rd. Jefferies Financial Group lowered shares of Fortinet from a “buy” rating to a “hold” rating and decreased their price target for the company from $85.00 to $65.00 in a report on Thursday, October 19th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Finally, Evercore ISI reissued an “in-line” rating and set a $51.00 target price (down from $78.00) on shares of Fortinet in a report on Friday, November 3rd.

Get Our Latest Stock Report on FTNT

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom acquired 664 shares of the stock in a transaction on Wednesday, December 6th. The shares were acquired at an average price of $52.62 per share, for a total transaction of $34,939.68. Following the acquisition, the director now owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Insiders have sold 148,332 shares of company stock worth $8,704,410 in the last quarter. Company insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Moneta Group Investment Advisors LLC grew its stake in shares of Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after acquiring an additional 14,586,086 shares in the last quarter. Norges Bank bought a new stake in shares of Fortinet in the 4th quarter worth $312,964,000. Nordea Investment Management AB grew its stake in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Fortinet in the 2nd quarter worth $175,298,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares in the last quarter. Institutional investors own 65.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $66.09 on Tuesday. The stock has a market cap of $50.75 billion, a PE ratio of 45.58, a P/E/G ratio of 2.73 and a beta of 1.09. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30. The firm has a 50-day moving average of $59.25 and a 200-day moving average of $59.48. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24.

About Fortinet

(Get Free Report

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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