Scotiabank Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target upped by Scotiabank from $85.00 to $110.00 in a research note released on Wednesday,Benzinga reports. Scotiabank currently has a sector outperform rating on the software maker’s stock.

Several other research analysts have also recently weighed in on the company. Royal Bank of Canada lifted their price target on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their target price on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Trading Down 1.3 %

Shares of NASDAQ:FTNT opened at $92.77 on Wednesday. The business has a 50-day moving average price of $82.45 and a 200-day moving average price of $70.37. The stock has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on 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. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eastern Bank bought a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% during 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 period. Oakworth Capital Inc. bought a new position in shares of Fortinet during the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the period. 83.71% of the stock is currently 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.