Fortinet’s (FTNT) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Fortinet (NASDAQ:FTNT) in a report published on Friday,Benzinga reports.

Several other brokerages have also commented on FTNT. Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Susquehanna boosted their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Bank of America boosted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Stifel Nicolaus boosted their price objective on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

Shares of FTNT stock opened at $92.77 on Friday. The stock’s fifty day simple moving average is $82.45 and its 200 day simple moving average is $70.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00. Fortinet has a one year low of $50.65 and a one year high of $100.59.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was 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 directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the 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 completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $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. Over the last quarter, insiders sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently modified their holdings of FTNT. Anchor Investment Management LLC boosted its position in shares of Fortinet by 4.2% during the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after buying an additional 1,866 shares during the period. Tri Ri Asset Management Corp acquired a new position in shares of Fortinet during the third quarter worth about $3,542,000. Virtue Capital Management LLC acquired a new position in shares of Fortinet during the third quarter worth about $247,000. Arete Wealth Advisors LLC boosted its position in shares of Fortinet by 28.6% during the third quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock worth $603,000 after buying an additional 1,733 shares during the period. Finally, Toronto Dominion Bank boosted its position in shares of Fortinet by 2.2% during 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 period. 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.