Fortinet (NASDAQ:FTNT) Upgraded at Piper Sandler

Fortinet (NASDAQ:FTNT) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage presently has a $120.00 price target on the software maker’s stock, up from their previous price target of $100.00. Piper Sandler’s price target would indicate a potential upside of 25.09% from the company’s current price.

FTNT has been the subject of several other reports. Robert W. Baird lifted their target price on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada increased their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $94.35.

Fortinet Price Performance

FTNT opened at $95.93 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $73.53 billion, a P/E ratio of 48.45, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company’s 50 day simple moving average is $93.58 and its 200-day simple moving average is $78.66. Fortinet has a one year low of $54.57 and a one year high of $101.00.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,123 shares of company stock valued at $6,227,201. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Large investors have recently made changes to their positions in the stock. Eastern Bank acquired a new position in Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC raised its holdings 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 valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet during the third quarter worth about $46,000. 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.