Fortinet (NASDAQ:FTNT) Price Target Raised to $105.00 at Jefferies Financial Group

Fortinet (NASDAQ:FTNT) had its price target hoisted by equities research analysts at Jefferies Financial Group from $95.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s price target indicates a potential upside of 8.04% from the company’s previous close.

Other analysts also recently issued reports about the company. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday. HSBC raised shares of 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 report on Monday, November 11th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $92.77.

Fortinet Stock Up 2.5 %

NASDAQ FTNT opened at $97.19 on Thursday. The company has a market cap of $74.49 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 2.77 and a beta of 1.00. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59. 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 50 day moving average of $89.69 and a 200-day moving average of $75.07.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 68,123 shares of company stock worth $6,227,201 over the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several large investors have recently modified their holdings of the company. Eastern Bank acquired a new position in Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.