Fortinet (NASDAQ:FTNT) Price Target Raised to $83.00

Fortinet (NASDAQ:FTNT) had its target price upped by UBS Group from $70.00 to $83.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also recently commented on the stock. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Truist Financial upped their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Cantor Fitzgerald upped their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.72.

Fortinet Stock Performance

NASDAQ FTNT opened at $92.04 on Friday. The company’s fifty day moving average is $78.74 and its two-hundred day moving average is $68.17. The firm has a market capitalization of $70.40 billion, a price-to-earnings ratio of 46.48, a P/E/G ratio of 3.24 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet has a 52-week low of $49.63 and a 52-week high of $92.53.

Insider Activity

In related news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 70,538 shares of company stock worth $5,403,559 over the last ninety days. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD increased its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB acquired a new stake in Fortinet in the first quarter valued at $548,013,000. Marshall Wace LLP increased its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its stake in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after buying an additional 1,662,156 shares during the last quarter. 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.