Fortinet, Inc. (NASDAQ:FTNT) Receives Average Rating of “Hold” from Brokerages

Fortinet, Inc. (NASDAQ:FTNT) has been assigned an average recommendation of “Hold” from the thirty-two research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $96.17.

Several research analysts recently issued reports on the company. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. Truist Financial reissued a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Rosenblatt Securities increased their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly 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 quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Institutional Trading of Fortinet

Several large investors have recently modified their holdings of FTNT. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank increased its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $46,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.23 on Tuesday. 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 firm’s 50-day simple moving average is $95.62 and its 200 day simple moving average is $80.85. The stock has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

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.