Fortinet, Inc. (NASDAQ:FTNT) Receives $94.35 Consensus Price Target from Brokerages

Fortinet, Inc. (NASDAQ:FTNT) has been given a consensus recommendation of “Hold” by the thirty-three ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, eighteen have assigned a hold recommendation, thirteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $94.35.

FTNT has been the topic of a number of recent research reports. BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. The Goldman Sachs Group raised their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Finally, Morgan Stanley raised their price target 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.

Fortinet Price Performance

NASDAQ:FTNT opened at $94.05 on Tuesday. Fortinet has a 52 week low of $54.57 and a 52 week high of $101.00. The firm has a market cap of $72.08 billion, a price-to-earnings ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. The firm’s 50-day simple moving average is $95.43 and its 200 day simple moving average is $80.00. 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 Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at $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 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. FMR LLC boosted its holdings in Fortinet by 276.3% during 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. AQR Capital Management LLC boosted its holdings in Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.