Fortinet, Inc. (NASDAQ:FTNT) Given Consensus Recommendation of “Hold” by Brokerages

Fortinet, Inc. (NASDAQ:FTNT) has been given a consensus rating of “Hold” by the thirty-three brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nineteen have issued a hold recommendation, twelve have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $88.93.

FTNT has been the subject of a number of recent analyst reports. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock valued at $4,058,575 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently modified their holdings of FTNT. Eastern Bank bought a new stake in Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank raised its holdings in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $92.77 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $71.10 billion, a PE ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00. The business has a fifty day simple moving average of $82.45 and a 200-day simple moving average of $70.45. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59.

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.