Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Fortinet (NASDAQ:FTNT) had its price objective lifted by equities research analysts at Cantor Fitzgerald from $88.00 to $95.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 2.76% from the company’s current price.

A number of other research analysts have also recently weighed in on FTNT. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

FTNT stock opened at $92.45 on Tuesday. The business’s fifty day moving average price is $81.71 and its 200 day moving average price is $69.89. Fortinet has a 12-month low of $50.65 and a 12-month 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 market capitalization of $70.86 billion, a PE ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $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 51,095 shares of company stock valued at $4,058,575 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% during the third 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 during the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc grew its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.