Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by HSBC

Fortinet (NASDAQ:FTNT) was upgraded by analysts at HSBC from a “hold” rating to a “buy” rating in a research report issued on Monday, Marketbeat reports. The brokerage presently has a $111.00 target price on the software maker’s stock, up from their prior target price of $83.00. HSBC’s price objective points to a potential upside of 11.95% from the company’s current price.

Several other research analysts have also recently commented on FTNT. JPMorgan Chase & Co. boosted their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Monday. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Rosenblatt Securities increased their price objective on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler lifted their price objective on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Stock Performance

Shares of FTNT stock opened at $99.15 on Monday. The firm has a 50 day moving average of $79.59 and a two-hundred day moving average of $68.65. The stock has a market capitalization of $75.84 billion, a PE ratio of 50.08, a P/E/G ratio of 3.24 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet has a 52 week low of $49.70 and a 52 week high of $99.51.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the firm’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 completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently made changes to their positions in the stock. Eastern Bank purchased a new stake in Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.