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

Fortinet, Inc. (NASDAQ:FTNT) has been assigned a consensus recommendation of “Hold” from the thirty-four brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, nineteen have given a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $92.77.

A number of equities analysts have recently weighed in on FTNT shares. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Jefferies Financial Group boosted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Rosenblatt Securities raised their target price 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. Finally, KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd 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 increased its position 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 during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the third quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $97.29 on Friday. The company has a market capitalization of $74.57 billion, a price-to-earnings ratio of 49.14, a P/E/G ratio of 2.77 and a beta of 1.00. The firm’s 50 day simple moving average is $91.20 and its 200 day simple moving average is $76.39. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet has a fifty-two week low of $54.57 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.