Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, TD Cowen Analyst Says

Fortinet (NASDAQ:FTNT) had its price target lifted by TD Cowen from $90.00 to $105.00 in a report published on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. UBS Group lifted 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. Wells Fargo & Company lifted their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Barclays lifted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Raymond James lifted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Price Performance

Shares of FTNT opened at $92.77 on Tuesday. The company has a market capitalization of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.71 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. The firm has a 50 day moving average of $82.45 and a 200 day moving average of $70.30. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % 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. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

A number of large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new position in Fortinet during the 1st quarter valued at about $548,013,000. Marshall Wace LLP grew its holdings in Fortinet by 198.5% during the 2nd 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 last quarter. Van ECK Associates Corp grew its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, FMR LLC grew its holdings in Fortinet by 276.3% during 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. 83.71% of the stock is currently owned by institutional investors.

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.