Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Wedbush Analyst Says

Fortinet (NASDAQ:FTNT) had its target price raised by Wedbush from $90.00 to $105.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the stock. UBS Group raised their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $87.10.

Fortinet Stock Performance

FTNT opened at $90.79 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $69.59 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 2.82 and a beta of 1.00. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The firm’s fifty day simple moving average is $81.39 and its two-hundred day simple moving average is $69.73.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently modified their holdings of the business. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new position in shares of Fortinet during the second quarter worth about $33,000. Finally, Versant Capital Management Inc grew its holdings in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares in the last quarter. 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.