BMO Capital Markets Increases Fortinet (NASDAQ:FTNT) Price Target to $100.00

Fortinet (NASDAQ:FTNT) had its price target upped by BMO Capital Markets from $88.00 to $100.00 in a report published on Tuesday, Marketbeat reports. The brokerage currently has a market perform rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Raymond James raised their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

FTNT stock opened at $94.13 on Tuesday. The company has a market cap of $72.15 billion, a P/E ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business’s fifty day moving average is $82.10 and its 200-day moving average is $70.06.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on 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 owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock worth $4,058,575 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in FTNT. O Shaughnessy Asset Management LLC raised its holdings in shares of Fortinet by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock valued at $2,996,000 after purchasing an additional 6,309 shares during the last quarter. Lake Street Advisors Group LLC increased its stake in Fortinet by 20.3% in the 1st quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock valued at $369,000 after buying an additional 912 shares during the last quarter. Crewe Advisors LLC bought a new position in shares of Fortinet during the 1st quarter worth approximately $110,000. Delap Wealth Advisory LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $210,000. Finally, CreativeOne Wealth LLC bought a new position in Fortinet in the 1st quarter valued at $732,000. 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.