Scotiabank Increases Fortinet (NASDAQ:FTNT) Price Target to $115.00

Fortinet (NASDAQ:FTNT) had its target price increased by stock analysts at Scotiabank from $110.00 to $115.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective suggests a potential upside of 18.72% from the company’s previous close.

A number of other equities analysts also recently commented on FTNT. Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their target price on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Jefferies Financial Group boosted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group upped their target price on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $96.33.

Fortinet Stock Up 2.8 %

Shares of FTNT traded up $2.64 during midday trading on Tuesday, hitting $96.87. The company had a trading volume of 1,510,770 shares, compared to its average volume of 3,982,709. 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 $74.24 billion, a price-to-earnings ratio of 48.90, a PEG ratio of 2.49 and a beta of 1.00. Fortinet has a 52 week low of $54.57 and a 52 week high of $101.00. The company’s 50 day moving average price is $95.62 and its 200 day moving average price is $80.85.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Eagle Capital Management LLC raised its holdings in shares of Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after buying an additional 544 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Fortinet by 190.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock worth $87,000 after buying an additional 952 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Fortinet by 6.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker’s stock valued at $9,973,000 after purchasing an additional 10,145 shares during the period. Summit Trail Advisors LLC lifted its stake in Fortinet by 30.4% in the second quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker’s stock valued at $329,000 after buying an additional 1,274 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its stake in Fortinet by 37,340.0% during the second quarter. Frank Rimerman Advisors LLC now owns 11,232 shares of the software maker’s stock worth $677,000 after acquiring an additional 11,202 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

About Fortinet

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.