Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Fortinet (NASDAQ:FTNT) had its target price lifted by equities researchers at Jefferies Financial Group from $95.00 to $105.00 in a report released on Thursday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 10.94% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. UBS Group upped their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Scotiabank increased their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Finally, Raymond James raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $92.77.

Fortinet Stock Up 1.4 %

NASDAQ:FTNT traded up $1.29 during midday trading on Thursday, reaching $94.65. 1,162,030 shares of the stock traded hands, compared to its average volume of 5,389,299. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market capitalization of $72.54 billion, a PE ratio of 47.80, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The business has a 50-day moving average of $89.45 and a two-hundred day moving average of $74.94. Fortinet has a 12-month low of $54.57 and a 12-month high of $100.59.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,207 shares of company stock worth $3,983,037 in the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of the business. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden raised its holdings in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Fortinet in the third quarter worth $10,343,000. Empower Advisory Group LLC boosted its stake in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Fortinet by 29.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after acquiring an additional 34,727 shares during the last quarter. Hedge funds and other institutional investors 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.