Robert W. Baird Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price objective raised by Robert W. Baird from $95.00 to $100.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. UBS Group boosted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Truist Financial raised their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Piper Sandler lifted their target price on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Susquehanna upped their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Up 1.8 %

FTNT stock opened at $94.13 on Tuesday. The stock has a 50-day simple moving average of $82.10 and a two-hundred day simple moving average of $70.06. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The firm has a market capitalization of $72.15 billion, a PE ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock valued at $4,058,575 over the last 90 days. Company 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 the business. Eagle Capital Management LLC lifted its position in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the last quarter. Crewe Advisors LLC grew its holdings in shares of Fortinet by 8.8% in the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock valued at $152,000 after purchasing an additional 158 shares in the last quarter. Finally, Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 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.