Scotiabank Raises Fortinet (NASDAQ:FTNT) Price Target to $115.00

Fortinet (NASDAQ:FTNT) had its price objective boosted by equities researchers at Scotiabank from $110.00 to $115.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective indicates a potential upside of 18.72% from the company’s current price.

FTNT has been the subject of a number of other research reports. UBS Group upped their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Morgan Stanley raised their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group boosted their target price on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. Finally, Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $96.33.

Fortinet Price Performance

Shares of FTNT traded up $2.64 during trading hours on Tuesday, reaching $96.87. 1,510,770 shares of the stock traded hands, compared to its average volume of 3,982,709. The company has a market cap of $74.24 billion, a P/E ratio of 48.90, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. 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’s 50-day moving average price is $95.62 and its two-hundred day moving average price is $80.85. Fortinet has a 52-week low of $54.57 and a 52-week high of $101.00.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Marshall Wace LLP increased its holdings in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the period. FMR LLC raised its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 3,155.6% during 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 purchasing an additional 1,199,241 shares during the period. Finally, State Street Corp boosted its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. 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.