Fortinet (NASDAQ:FTNT) Upgraded at KeyCorp

KeyCorp upgraded shares of Fortinet (NASDAQ:FTNT) from a sector weight rating to an overweight rating in a report issued on Thursday morning, MarketBeat.com reports. The firm currently has $115.00 price objective on the software maker’s stock.

Several other brokerages also recently weighed in on FTNT. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Raymond James lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. UBS Group lifted their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Morgan Stanley increased their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.77.

Fortinet Price Performance

Shares of FTNT opened at $97.19 on Thursday. Fortinet has a 12 month low of $54.57 and a 12 month high of $100.59. 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 stock has a fifty day moving average price of $89.98 and a 200 day moving average price of $75.34. The company has a market cap of $74.49 billion, a P/E ratio of 49.09, a PEG ratio of 2.77 and a beta of 1.00.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in shares of Fortinet by 8.7% during the 3rd quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker’s stock valued at $58,174,000 after purchasing an additional 59,930 shares in the last quarter. Inspire Trust Co. N.A. raised its holdings in Fortinet by 25.4% during the third quarter. Inspire Trust Co. N.A. now owns 26,983 shares of the software maker’s stock valued at $2,093,000 after buying an additional 5,457 shares in the last quarter. American Trust acquired a new stake in shares of Fortinet in the third quarter worth about $246,000. Franklin Resources Inc. boosted its stake in shares of Fortinet by 21.6% during the 3rd quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker’s stock worth $32,408,000 after acquiring an additional 69,374 shares in the last quarter. Finally, Tri Ri Asset Management Corp acquired a new position in shares of Fortinet during the 3rd quarter valued at about $3,566,000. Institutional investors own 83.71% of the company’s stock.

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.