Fortinet (NASDAQ:FTNT) Raised to Strong-Buy at Hsbc Global Res

Hsbc Global Res upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

A number of other analysts also recently commented on the stock. Morgan Stanley dropped their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Wedbush increased their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada boosted their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Truist Financial boosted their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Raymond James increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $79.52.

Fortinet Stock Down 3.5 %

FTNT stock opened at $94.46 on Monday. The firm’s 50-day moving average is $80.38 and its two-hundred day moving average is $69.03. 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 company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 47.71, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. Fortinet has a 52 week low of $49.97 and a 52 week high of $100.59.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on 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. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 18.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% during the third 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 during the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc raised its position in Fortinet by 61.2% in the 2nd 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. Institutional investors and hedge funds 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.