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

Fortinet (NASDAQ:FTNT)‘s stock had its “hold” rating restated by Needham & Company LLC in a note issued to investors on Monday, Marketbeat reports.

Several other research firms have also weighed in on FTNT. Robert W. Baird raised their price objective on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Truist Financial upped their price objective on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley lowered their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Up 2.0 %

NASDAQ FTNT opened at $99.15 on Monday. The company has a market capitalization of $75.84 billion, a P/E ratio of 50.08, a PEG ratio of 3.24 and a beta of 1.00. Fortinet has a 12 month low of $49.70 and a 12 month high of $99.51. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company’s 50 day simple moving average is $79.59 and its 200 day simple moving average is $68.65.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new stake in shares of Fortinet in the first quarter valued at approximately $548,013,000. Marshall Wace LLP grew its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp increased 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 worth $346,890,000 after acquiring an additional 2,802,446 shares during the period. Finally, Bessemer Group Inc. raised its stake in Fortinet by 102.5% during the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after purchasing an additional 1,662,156 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Company Profile

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.