Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by Piper Sandler

Piper Sandler upgraded shares of Fortinet (NASDAQ:FTNT) from a neutral rating to an overweight rating in a research report released on Monday morning, MarketBeat Ratings reports. Piper Sandler currently has $120.00 price objective on the software maker’s stock, up from their previous price objective of $100.00.

Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Wells Fargo & Company lifted their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Bank of America upped their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Raymond James upped their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Performance

Fortinet stock opened at $96.04 on Monday. The stock has a fifty day moving average price of $93.93 and a 200 day moving average price of $78.78. The company has a current ratio of 1.34, a quick ratio of 1.25 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. The firm has a market capitalization of $73.61 billion, a P/E ratio of 48.51, a PEG ratio of 2.76 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased 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 owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 68,123 shares of company stock valued at $6,227,201 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several large investors have recently added to or reduced their stakes in the company. Apollon Wealth Management LLC lifted its position in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden lifted its holdings in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Fortinet in the third quarter valued at approximately $10,343,000. Empower Advisory Group LLC grew its holdings in shares of Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after purchasing an additional 40,277 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after purchasing an additional 34,727 shares during the period. 83.71% of the stock is currently owned by 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.