TD Cowen Raises Fortinet (NASDAQ:FTNT) Price Target to $105.00

Fortinet (NASDAQ:FTNT) had its price objective raised by TD Cowen from $90.00 to $105.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. TD Cowen’s target price suggests a potential upside of 13.57% from the company’s previous close.

A number of other brokerages also recently commented on FTNT. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. Raymond James upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Scotiabank upped their target price on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Wells Fargo & Company upped their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Stock Performance

NASDAQ:FTNT opened at $92.45 on Tuesday. The company has a fifty day simple moving average of $81.71 and a two-hundred day simple moving average of $69.89. The company has a market cap of $70.86 billion, a price-to-earnings ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Eagle Capital Management LLC lifted its position in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares during the last quarter. Crewe Advisors LLC lifted its position in shares of Fortinet by 8.8% in the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after buying an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% in the 3rd 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 during the last quarter. 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.