Fortinet (NASDAQ:FTNT) Earns Hold Rating from Needham & Company LLC

Fortinet (NASDAQ:FTNT)‘s stock had its “hold” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports.

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Scotiabank raised their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday. Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Finally, UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Trading Up 1.8 %

Shares of FTNT stock opened at $94.13 on Friday. The business’s 50 day moving average is $82.10 and its two-hundred day moving average is $70.06. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a market cap of $72.15 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds have recently modified their holdings of the company. Eastern Bank bought a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank grew its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter worth about $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.