HSBC Upgrades Fortinet (NASDAQ:FTNT) to Buy

HSBC upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a buy rating in a research note released on Monday morning, Marketbeat Ratings reports. HSBC currently has $111.00 price objective on the software maker’s stock, up from their previous price objective of $83.00.

Other research analysts also recently issued reports about the stock. Scotiabank boosted their price objective on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler lifted their price target on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday. Citigroup increased their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Up 0.0 %

NASDAQ FTNT opened at $97.20 on Monday. The business’s 50-day moving average is $79.15 and its 200 day moving average is $68.40. The stock has a market capitalization of $74.35 billion, a PE ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet has a 1 year low of $49.70 and a 1 year high of $97.35.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the business’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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC lifted its holdings in shares of Fortinet by 84.5% in the 3rd quarter. Intech Investment Management LLC now owns 370,773 shares of the software maker’s stock worth $28,753,000 after acquiring an additional 169,864 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Fortinet by 27.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,857,648 shares of the software maker’s stock worth $144,061,000 after purchasing an additional 396,919 shares during the period. Darwin Wealth Management LLC bought a new stake in Fortinet in the third quarter worth about $79,000. Retireful LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $620,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Fortinet by 1.9% during the third quarter. First Horizon Advisors Inc. now owns 212,096 shares of the software maker’s stock valued at $16,448,000 after buying an additional 3,871 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.