JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $99.00 to $105.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 7.56% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Robert W. Baird increased their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Rosenblatt Securities upped their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $90.43.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.62 on Monday. The firm has a market capitalization of $74.82 billion, a price-to-earnings ratio of 49.30, a PEG ratio of 2.77 and a beta of 1.00. 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 business has a fifty day simple moving average of $89.19 and a 200 day simple moving average of $74.81. Fortinet has a one year low of $54.57 and a one year high of $100.59.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,207 shares of company stock valued at $3,983,037 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently made changes to their positions in the stock. Eastern Bank purchased a new position in shares of Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, DT Investment Partners LLC grew its holdings in shares of Fortinet by 539.0% during the 2nd quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock worth $40,000 after acquiring an additional 566 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.