Fortinet (NASDAQ:FTNT) Price Target Raised to $114.00 at The Goldman Sachs Group

Fortinet (NASDAQ:FTNT) had its price target boosted by The Goldman Sachs Group from $100.00 to $114.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

FTNT has been the subject of several other research reports. Bank of America upped their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Scotiabank upped their price target on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th. Finally, Raymond James boosted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $93.71.

Fortinet Trading Up 2.9 %

Fortinet stock opened at $97.47 on Thursday. Fortinet has a 12-month low of $54.57 and a 12-month high of $100.59. The stock has a market capitalization of $74.71 billion, a PE ratio of 49.23, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm has a 50 day simple moving average of $92.91 and a 200-day simple moving average of $77.98. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were 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 approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $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 have sold a total of 68,123 shares of company stock valued at $6,227,201 in the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Eagle Capital Management LLC raised its stake in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after acquiring an additional 544 shares during the last quarter. Rothschild Investment LLC bought a new stake in Fortinet in the second quarter valued at about $56,000. Commonwealth Equity Services LLC lifted its stake in Fortinet by 2.1% in the second quarter. Commonwealth Equity Services LLC now owns 132,374 shares of the software maker’s stock valued at $7,978,000 after buying an additional 2,665 shares during the period. Farther Finance Advisors LLC boosted its holdings in Fortinet by 33.2% during the second quarter. Farther Finance Advisors LLC now owns 4,256 shares of the software maker’s stock worth $255,000 after buying an additional 1,060 shares during the last quarter. Finally, Natixis Advisors LLC grew its position in shares of Fortinet by 1.7% during the 2nd quarter. Natixis Advisors LLC now owns 171,237 shares of the software maker’s stock worth $10,320,000 after buying an additional 2,873 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

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.