Fortinet, Inc. (NASDAQ:FTNT) Receives $88.93 Consensus Target Price from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been given a consensus recommendation of “Hold” by the thirty-three brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nineteen have issued a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $88.93.

Several research firms have recently weighed in on FTNT. Royal Bank of Canada raised their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Bank of America raised their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, 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.

Insider Transactions at Fortinet

In other news, 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 value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. grew its stake in shares of Fortinet by 21.6% during the 3rd quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker’s stock worth $32,408,000 after purchasing an additional 69,374 shares during the period. Tri Ri Asset Management Corp purchased a new stake in shares of Fortinet in the 3rd quarter worth about $3,566,000. Peapack Gladstone Financial Corp boosted its position in shares of Fortinet by 13.9% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 182,538 shares of the software maker’s stock worth $14,155,000 after buying an additional 22,246 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Fortinet by 311.3% in the 3rd quarter. Tidal Investments LLC now owns 133,226 shares of the software maker’s stock worth $10,332,000 after buying an additional 100,832 shares in the last quarter. Finally, Optimist Retirement Group LLC purchased a new stake in shares of Fortinet in the 3rd quarter worth about $394,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.06 on Monday. The company’s 50-day moving average price is $83.21 and its 200-day moving average price is $70.96. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $72.09 billion, a P/E ratio of 47.72, a P/E/G ratio of 2.70 and a beta of 1.00. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59.

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.