Fortinet (FTNT) Price Target Raised to $56.00 at Citigroup
Fortinet (NASDAQ:FTNT) had its price target increased by research analysts at Citigroup from $45.00 to $56.00 in a research report issued on Monday. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s target price would indicate a potential downside of 0.97% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the company. Bank of America lifted their target price on Fortinet from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Robert W. Baird restated a “buy” rating and issued a $56.00 target price on shares of Fortinet in a research report on Tuesday, February 6th. Monness Crespi & Hardt restated a “buy” rating and issued a $50.00 target price (up previously from $45.00) on shares of Fortinet in a research report on Friday, January 19th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, February 13th. Finally, UBS lifted their target price on Fortinet from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, March 21st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Fortinet has an average rating of “Buy” and an average price target of $50.58.
NASDAQ:FTNT traded up $0.71 on Monday, reaching $56.55. The company’s stock had a trading volume of 167,457 shares, compared to its average volume of 1,648,356. Fortinet has a 12-month low of $35.44 and a 12-month high of $56.61. The company has a market capitalization of $9,382.47, a P/E ratio of 108.42, a P/E/G ratio of 4.48 and a beta of 0.71.
In related news, VP John Whittle sold 624 shares of the business’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $54.44, for a total transaction of $33,970.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 89,423 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $45.08, for a total value of $4,031,188.84. Following the transaction, the chief executive officer now directly owns 12,608,811 shares of the company’s stock, valued at $568,405,199.88. The disclosure for this sale can be found here. Insiders sold 156,190 shares of company stock valued at $7,114,541 over the last ninety days. Insiders own 17.00% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB grew its stake in Fortinet by 17.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 14,051 shares of the software maker’s stock worth $614,000 after purchasing an additional 2,125 shares in the last quarter. Delek Group Ltd. acquired a new position in Fortinet during the 4th quarter worth $8,725,000. Slow Capital Inc. acquired a new position in Fortinet during the 4th quarter worth $1,929,000. MetLife Investment Advisors LLC acquired a new position in Fortinet during the 4th quarter worth $4,134,000. Finally, Gotham Asset Management LLC acquired a new position in Fortinet during the 4th quarter worth $678,000. 68.82% of the stock is owned by hedge funds and other institutional investors.
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Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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