Brokerages Set Fortinet, Inc. (NASDAQ:FTNT) Target Price at $88.93

Fortinet, Inc. (NASDAQ:FTNT) has received a consensus rating of “Hold” from the thirty-three brokerages that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, nineteen have issued a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $88.93.

Several brokerages recently issued reports on FTNT. Barclays upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Morgan Stanley boosted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Piper Sandler upped their price objective on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock valued at $5,746,974 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FTNT. State Street Corp boosted its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC raised its holdings in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares in the last quarter. Swedbank AB boosted its position in Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP grew its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $95.05 on Monday. The business’s fifty day moving average is $84.33 and its two-hundred day moving average is $71.61. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market cap of $72.85 billion, a P/E ratio of 48.01, a P/E/G ratio of 2.76 and a beta of 1.00. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59.

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.