Fortinet (NASDAQ:FTNT) Given New $100.00 Price Target at Piper Sandler

Fortinet (NASDAQ:FTNT) had its target price lifted by Piper Sandler from $80.00 to $100.00 in a report released on Tuesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

A number of other research firms have also recently commented on FTNT. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Trading Down 1.3 %

FTNT opened at $92.77 on Tuesday. The stock has a market cap of $71.10 billion, a PE ratio of 46.85, a PEG ratio of 2.71 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. The business has a 50 day moving average of $82.45 and a 200-day moving average of $70.30. Fortinet has a 52 week low of $50.65 and a 52 week high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’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 completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several large investors have recently made changes to their positions in the business. Anchor Investment Management LLC lifted its position in shares of Fortinet by 4.2% in the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock valued at $3,565,000 after acquiring an additional 1,866 shares in the last quarter. Tri Ri Asset Management Corp purchased a new stake in shares of Fortinet in the third quarter worth about $3,542,000. Virtue Capital Management LLC purchased a new stake in shares of Fortinet in the third quarter worth about $247,000. Arete Wealth Advisors LLC lifted its position in shares of Fortinet by 28.6% in the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after buying an additional 1,733 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Fortinet by 2.2% in the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock worth $27,735,000 after buying an additional 7,769 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.