Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Fortinet (NASDAQ:FTNT) had its target price upped by analysts at Piper Sandler from $80.00 to $100.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s target price would indicate a potential upside of 9.55% from the stock’s current price.

Several other research analysts have also weighed in on FTNT. Wells Fargo & Company raised their price objective on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday. Raymond James boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Finally, Robert W. Baird lifted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $86.00.

Fortinet Price Performance

Shares of Fortinet stock traded down $0.60 during trading on Tuesday, hitting $91.28. 1,990,471 shares of the company were exchanged, compared to its average volume of 5,496,537. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The firm has a 50 day moving average price of $81.10 and a 200 day moving average price of $69.51. The stock has a market capitalization of $69.96 billion, a price-to-earnings ratio of 46.10, a P/E/G ratio of 2.82 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 at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the business. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new position in shares of Fortinet during the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc lifted its stake in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares in the last quarter. Institutional investors and hedge funds 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.