Fortinet, Inc. (NASDAQ:FTNT) Receives $94.35 Consensus Target Price from Brokerages

Fortinet, Inc. (NASDAQ:FTNT) has been given an average recommendation of “Hold” by the thirty-three analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eighteen have issued a hold recommendation, thirteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $94.35.

FTNT has been the topic of several recent research reports. The Goldman Sachs Group upped their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Stifel Nicolaus upped their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Bank of America upped their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $100.00 to $120.00 in a report on Monday, January 6th. Finally, Scotiabank upped their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $94.05 on Tuesday. The company’s 50-day moving average is $95.43 and its 200 day moving average is $80.00. 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 company has a market capitalization of $72.08 billion, a P/E ratio of 47.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last quarter. 18.00% of the stock is owned by company insiders.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Hawaiian Bank purchased a new stake in Fortinet in the fourth quarter worth $670,000. LVM Capital Management Ltd. MI raised its holdings in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden raised its holdings in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in Fortinet in the third quarter worth $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.