Fortinet (NASDAQ:FTNT – Free Report) had its price target raised by Scotiabank from $80.00 to $90.00 in a research note released on Tuesday, MarketBeat Ratings reports. They currently have an outperform rating on the software maker’s stock.
A number of other brokerages have also recently weighed in on FTNT. BMO Capital Markets increased their price target on shares of Fortinet from $67.00 to $75.00 and gave the stock a market perform rating in a research note on Wednesday, April 5th. Truist Financial assumed coverage on Fortinet in a research report on Friday, April 21st. They issued a buy rating and a $82.00 price target on the stock. StockNews.com initiated coverage on Fortinet in a research note on Thursday, May 18th. They issued a buy rating on the stock. The Goldman Sachs Group upped their price target on Fortinet from $77.00 to $86.00 and gave the stock a buy rating in a research note on Tuesday. Finally, Rosenblatt Securities lifted their price objective on shares of Fortinet from $80.00 to $95.00 and gave the company a buy rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat, Fortinet currently has a consensus rating of Moderate Buy and an average target price of $75.60.
Fortinet Price Performance
FTNT stock opened at $76.80 on Tuesday. The stock has a market cap of $60.30 billion, a price-to-earnings ratio of 63.47, a PEG ratio of 3.62 and a beta of 1.15. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 86.92. Fortinet has a fifty-two week low of $42.61 and a fifty-two week high of $81.24. The business has a 50 day moving average price of $72.99 and a 200 day moving average price of $64.80.
Insider Activity
In related news, VP Michael Xie sold 5,826 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $61.59, for a total value of $358,823.34. Following the transaction, the vice president now directly owns 29,727,018 shares of the company’s stock, valued at approximately $1,830,887,038.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Michael Xie sold 5,826 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $61.59, for a total value of $358,823.34. Following the transaction, the vice president now owns 29,727,018 shares in the company, valued at $1,830,887,038.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Patrice Perche sold 7,530 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $78.49, for a total transaction of $591,029.70. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at $2,019,547.70. The disclosure for this sale can be found here. Insiders sold a total of 67,128 shares of company stock valued at $4,591,985 in the last 90 days. 17.54% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Fortinet
Several institutional investors and hedge funds have recently modified their holdings of FTNT. Alpha Cubed Investments LLC acquired a new position in Fortinet during the 1st quarter worth approximately $230,000. Mn Services Vermogensbeheer B.V. raised its stake in shares of Fortinet by 4.5% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 340,990 shares of the software maker’s stock valued at $22,662,000 after purchasing an additional 14,600 shares during the period. M Holdings Securities Inc. lifted its position in shares of Fortinet by 12.6% during the fourth quarter. M Holdings Securities Inc. now owns 8,473 shares of the software maker’s stock worth $414,000 after purchasing an additional 950 shares in the last quarter. Burney Co. boosted its stake in shares of Fortinet by 13.3% in the fourth quarter. Burney Co. now owns 26,062 shares of the software maker’s stock valued at $1,274,000 after purchasing an additional 3,055 shares during the period. Finally, Engineers Gate Manager LP increased its stake in Fortinet by 891.3% during the 4th quarter. Engineers Gate Manager LP now owns 101,534 shares of the software maker’s stock worth $4,964,000 after buying an additional 91,292 shares during the period. Hedge funds and other institutional investors own 64.21% of the company’s stock.
Fortinet Company Profile
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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