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

Needham & Company LLC reissued their hold rating on shares of Fortinet (NASDAQ:FTNT) in a research note published on Monday,Benzinga reports.

Several other analysts have also issued reports on the stock. BMO Capital Markets lifted their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Barclays boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. Piper Sandler boosted their price target on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday. Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company boosted their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Stock Up 5.6 %

FTNT opened at $97.18 on Monday. Fortinet has a fifty-two week low of $49.70 and a fifty-two week high of $97.35. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a fifty day moving average of $79.15 and a two-hundred day moving average of $68.40. The stock has a market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB raised its stake in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares during the last quarter. Marshall Wace LLP raised its stake in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other 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.