Fortinet, Inc. (NASDAQ:FTNT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Fortinet, Inc. (NASDAQ:FTNT) have earned a consensus rating of “Hold” from the thirty-four brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, nineteen have assigned a hold recommendation, thirteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $92.77.

A number of equities analysts recently issued reports on FTNT shares. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. TD Cowen increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Royal Bank of Canada boosted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Jefferies Financial Group raised their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday. Finally, Stifel Nicolaus lifted their target price on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 68,123 shares of company stock valued at $6,227,201. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Apollon Wealth Management LLC lifted its position in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Fortinet during the third quarter worth about $10,343,000. Empower Advisory Group LLC raised its position in shares of Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after buying an additional 34,727 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 1.6 %

NASDAQ:FTNT opened at $94.85 on Friday. Fortinet has a 1 year low of $54.57 and a 1 year high of $100.59. The stock has a market cap of $72.70 billion, a P/E ratio of 47.90, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a 50-day simple moving average of $89.69 and a 200-day simple moving average of $75.07.

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.