Fortinet (NASDAQ:FTNT) Given New $105.00 Price Target at JPMorgan Chase & Co.

Fortinet (NASDAQ:FTNT) had its target price boosted by JPMorgan Chase & Co. from $99.00 to $105.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Other equities analysts have also issued research reports about the stock. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Stifel Nicolaus boosted their target price on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald raised their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $90.87.

Fortinet Stock Performance

FTNT opened at $93.36 on Monday. 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 company has a market cap of $71.56 billion, a PE ratio of 47.15, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The stock has a 50-day moving average of $89.45 and a 200-day moving average of $74.94. Fortinet has a 52-week low of $54.57 and a 52-week high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,207 shares of company stock worth $3,983,037 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FTNT. Eagle Capital Management LLC boosted its holdings in Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after acquiring an additional 544 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Fortinet by 6.3% in the 2nd quarter. Raymond James & Associates now owns 517,899 shares of the software maker’s stock valued at $31,214,000 after purchasing an additional 30,576 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Fortinet by 8.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 141,637 shares of the software maker’s stock worth $8,536,000 after buying an additional 11,476 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Fortinet by 4.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker’s stock worth $10,692,000 after buying an additional 7,128 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its holdings in Fortinet by 300.1% in the second quarter. Pallas Capital Advisors LLC now owns 12,544 shares of the software maker’s stock valued at $729,000 after buying an additional 9,409 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.