Fortinet (NASDAQ:FTNT) Price Target Raised to $114.00

Fortinet (NASDAQ:FTNT) had its price target boosted by The Goldman Sachs Group from $100.00 to $114.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on FTNT. Scotiabank raised their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. 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 research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $93.71.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.47 on Thursday. Fortinet has a 12-month low of $54.57 and a 12-month high of $100.59. The business’s fifty day simple moving average is $92.91 and its 200-day simple moving average is $77.98. 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 cap of $74.71 billion, a PE ratio of 49.23, a PEG ratio of 2.77 and a beta of 1.00.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 68,123 shares of company stock worth $6,227,201. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in FTNT. Eastern Bank bought a new position in Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC boosted its holdings 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 valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank grew its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $46,000. 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.