Fortinet (NASDAQ:FTNT – Get Free Report) had its target price lifted by Bank of America from $87.00 to $104.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective would indicate a potential upside of 12.49% from the stock’s current price.
Several other brokerages also recently weighed in on FTNT. Wells Fargo & Company upped their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Wedbush upped their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. Cantor Fitzgerald upped their price target on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.93.
Check Out Our Latest Research Report on Fortinet
Fortinet Trading Up 1.8 %
Insiders Place Their Bets
In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated 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 in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,095 shares of company stock worth $4,058,575. Corporate insiders own 18.00% of the company’s stock.
Hedge Funds Weigh In On Fortinet
Hedge funds have recently modified their holdings of the stock. Virtue Capital Management LLC acquired a new position in Fortinet in the 3rd quarter worth about $247,000. Arete Wealth Advisors LLC grew its stake in shares of Fortinet by 28.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock valued at $603,000 after buying an additional 1,733 shares in the last quarter. Toronto Dominion Bank increased its holdings in Fortinet by 2.2% in the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock worth $27,735,000 after buying an additional 7,769 shares during the last quarter. Chiron Investment Management LLC bought a new position in Fortinet during the third quarter valued at approximately $394,000. Finally, Coldstream Capital Management Inc. lifted its stake in Fortinet by 10.5% in the third quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock valued at $919,000 after acquiring an additional 1,100 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.
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.
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