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

Fortinet (NASDAQ:FTNT)‘s stock had its “market perform” rating reaffirmed by equities researchers at Raymond James in a report released on Tuesday, MarketBeat.com reports.

Several other research analysts have also recently weighed in on FTNT. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. The Goldman Sachs Group raised their price target on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Finally, Wedbush increased their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Performance

Shares of Fortinet stock opened at $93.06 on Tuesday. The business’s 50 day moving average price is $95.18 and its 200 day moving average price is $79.91. The company has a market cap of $71.33 billion, a price-to-earnings ratio of 47.00, a PEG ratio of 2.76 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a one year low of $54.57 and a one year high of $101.00.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was 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, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC grew its holdings in shares of 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 purchasing an additional 173 shares during the last quarter. City State Bank increased its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.