Fortinet (NASDAQ:FTNT) Earns “Market Perform” Rating from Raymond James

Raymond James restated their market perform rating on shares of Fortinet (NASDAQ:FTNT) in a research note released on Tuesday, Marketbeat.com reports.

Several other research firms have also recently issued reports on FTNT. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $94.35.

Fortinet Stock Performance

FTNT opened at $94.05 on Tuesday. The company has a market cap of $72.08 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 2.51 and a beta of 1.00. The firm’s fifty day simple moving average is $95.43 and its two-hundred day simple moving average is $80.00. 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 52-week low of $54.57 and a 52-week high of $101.00.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of large investors have recently modified their holdings of FTNT. Lmcg Investments LLC purchased a new stake in Fortinet during the 4th quarter worth about $3,870,000. Aspiriant LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $227,000. Crossmark Global Holdings Inc. increased its stake in shares of Fortinet by 344.4% during the fourth quarter. Crossmark Global Holdings Inc. now owns 159,737 shares of the software maker’s stock worth $15,092,000 after buying an additional 123,790 shares during the period. Ballentine Partners LLC raised its holdings in Fortinet by 2.1% in the fourth quarter. Ballentine Partners LLC now owns 7,706 shares of the software maker’s stock valued at $728,000 after acquiring an additional 156 shares in the last quarter. Finally, Gemmer Asset Management LLC purchased a new position in Fortinet in the fourth quarter worth approximately $214,000. Hedge funds and other 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.