Bank of America Boosts Fortinet (NASDAQ:FTNT) Price Target to $104.00

Fortinet (NASDAQ:FTNT) had its price target increased by Bank of America from $87.00 to $104.00 in a report issued on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the software maker’s stock.

A number of other research analysts have also weighed in on FTNT. Rosenblatt Securities raised their price objective on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Scotiabank raised their price objective on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Finally, Piper Sandler upped their target price on shares of Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

Shares of FTNT opened at $94.13 on Tuesday. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The firm’s 50-day simple moving average is $82.10 and its two-hundred day simple moving average is $70.06. The stock has a market cap of $72.15 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was 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 link. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock valued at $4,058,575 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD raised its position in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the last quarter. Swedbank AB purchased a new position in shares of Fortinet during the first quarter valued at about $548,013,000. Marshall Wace LLP increased its holdings in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, FMR LLC increased its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. 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.