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

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been assigned a consensus recommendation of “Hold” from the thirty-three brokerages that are currently covering the firm, MarketBeat.com reports. One 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 target price among brokerages that have issued ratings on the stock in the last year is $88.93.

A number of research analysts recently issued reports on FTNT shares. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Raymond James upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler lifted their price target on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $95.05 on Monday. The stock has a market capitalization of $72.85 billion, a P/E ratio of 48.01, a P/E/G ratio of 2.73 and a beta of 1.00. The firm’s 50-day moving average price is $83.96 and its two-hundred day moving average price is $71.28. Fortinet has a 52-week low of $50.65 and a 52-week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,745 shares of company stock valued at $5,746,974 over the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FTNT. Swedbank AB purchased a new position in Fortinet during the 1st quarter valued at about $548,013,000. Marshall Wace LLP boosted its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Van ECK Associates Corp grew its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. FMR LLC increased its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. Finally, AQR Capital Management LLC lifted its position in Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after buying an additional 1,265,162 shares in the last quarter. Hedge funds and other 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.