Fortinet, Inc. (NASDAQ:FTNT) Receives Average Rating of “Hold” from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been given an average recommendation of “Hold” by the thirty-four analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $94.35.

A number of brokerages recently commented on FTNT. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. Raymond James increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Scotiabank lifted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th.

Fortinet Stock Down 0.8 %

NASDAQ:FTNT opened at $93.83 on Tuesday. The firm has a market capitalization of $71.92 billion, a PE ratio of 47.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average of $94.89 and a 200-day moving average of $79.68.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,123 shares of company stock worth $6,227,201 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in FTNT. Eastern Bank acquired a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter worth $46,000. 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.