Cantor Fitzgerald Forecasts Strong Price Appreciation for Fortinet (NASDAQ:FTNT) Stock

Fortinet (NASDAQ:FTNT) had its price target upped by Cantor Fitzgerald from $88.00 to $95.00 in a report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Several other analysts also recently commented on FTNT. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. JPMorgan Chase & Co. increased their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

Fortinet stock opened at $94.13 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $72.15 billion, a P/E ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00. The stock’s 50 day moving average is $82.10 and its 200 day moving average is $70.06. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet 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 sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders 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 Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently bought and sold shares of the company. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter worth $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. Oakworth Capital Inc. bought a new position in shares of Fortinet in the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% in 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. 83.71% of the stock is owned by institutional investors.

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.