Fortinet (NASDAQ:FTNT) Rating Increased to Overweight at Piper Sandler

Fortinet (NASDAQ:FTNT) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a $120.00 target price on the software maker’s stock, up from their prior target price of $100.00. Piper Sandler’s target price suggests a potential upside of 23.11% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Truist Financial restated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada boosted 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. Finally, Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Up 2.9 %

Shares of NASDAQ:FTNT opened at $97.47 on Monday. 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 firm has a market cap of $74.71 billion, a price-to-earnings ratio of 49.23, a PEG ratio of 2.76 and a beta of 1.00. The stock’s 50-day moving average price is $92.91 and its two-hundred day moving average price is $78.11. Fortinet has a 12-month low of $54.57 and a 12-month high of $100.59.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, 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 filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,123 shares of company stock worth $6,227,201 over the last quarter. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% in 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 in the last quarter. City State Bank increased its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the third quarter worth approximately $46,000. 83.71% of the stock is 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.