Shares of Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) have been assigned a consensus rating of “Hold” from the thirty-four research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nineteen have issued a hold recommendation, thirteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $92.77.
A number of brokerages recently commented on FTNT. Piper Sandler increased their price objective on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their price target on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Mizuho upped their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th.
Get Our Latest Research Report on Fortinet
Fortinet Stock Up 2.5 %
Insider Transactions at Fortinet
In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on 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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,123 shares of company stock valued at $6,227,201 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.
Institutional Trading of Fortinet
Several institutional investors and hedge funds have recently bought and sold shares of the company. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $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 lifted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank grew its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds 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.
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