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

Fortinet (NASDAQ:FTNT) had its target price lifted by analysts at Mizuho from $68.00 to $78.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “underperform” rating on the software maker’s stock. Mizuho’s target price points to a potential downside of 20.37% from the stock’s current price.

A number of other brokerages have also weighed in on FTNT. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Stifel Nicolaus upped their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Cantor Fitzgerald upped their price target on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Scotiabank increased their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $89.27.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.95 on Friday. 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 50 day moving average price of $88.38 and a 200-day moving average price of $74.15. Fortinet has a 52 week low of $54.57 and a 52 week high of $100.59. The firm has a market capitalization of $75.07 billion, a PE ratio of 49.47, a P/E/G ratio of 2.77 and a beta of 1.00.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the company’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 sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This 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 available through this link. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently modified their holdings of the stock. Eastern Bank bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the second quarter valued at $33,000. Finally, City State Bank lifted its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.