Fortinet (NASDAQ:FTNT) Given New $90.00 Price Target at Rosenblatt Securities

Fortinet (NASDAQ:FTNT) had its price objective upped by equities research analysts at Rosenblatt Securities from $85.00 to $90.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ target price indicates a potential downside of 2.22% from the stock’s previous close.

FTNT has been the subject of a number of other reports. TD Cowen upped their target price on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Robert W. Baird upped their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday. Royal Bank of Canada lifted their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $77.72.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $8.36 during midday trading on Friday, hitting $92.04. The company’s stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock’s 50 day simple moving average is $78.74 and its 200 day simple moving average is $68.15. The stock has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. Fortinet has a fifty-two week low of $49.63 and a fifty-two week high of $92.53.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value 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 $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth $25,000. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter worth approximately $33,000. 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.