Needham & Company LLC Reaffirms Hold Rating for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a report released on Monday, MarketBeat.com reports.

Several other analysts have also weighed in on the stock. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 7th. Cantor Fitzgerald upped their price objective on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Raymond James raised their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Rosenblatt Securities upped their price target on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $79.52.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $99.15 on Monday. Fortinet has a one year low of $49.70 and a one year high of $99.51. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business has a fifty day simple moving average of $79.59 and a 200 day simple moving average of $68.65. The firm has a market capitalization of $75.84 billion, a price-to-earnings ratio of 50.08, a PEG ratio of 3.24 and a beta of 1.00.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the 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 owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Large investors have recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in Fortinet by 12.4% during the first quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock worth $2,015,000 after acquiring an additional 3,258 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares in the last quarter. NorthRock Partners LLC acquired a new position in shares of Fortinet in the 1st quarter valued at approximately $280,000. Meeder Advisory Services Inc. increased its stake in Fortinet by 13.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 8,898 shares of the software maker’s stock worth $608,000 after purchasing an additional 1,084 shares in the last quarter. Finally, QRG Capital Management Inc. raised its holdings in Fortinet by 5.7% during the 1st quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock worth $2,457,000 after buying an additional 1,954 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.