Fortinet’s (FTNT) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Fortinet (NASDAQ:FTNT) in a report issued on Monday morning, Marketbeat reports.

A number of other research firms have also recently weighed in on FTNT. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target for the company in a report on Wednesday, August 7th. Rosenblatt Securities raised their target price on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. upped their price target 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. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Piper Sandler boosted their target price on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Stock Down 1.3 %

Shares of NASDAQ FTNT opened at $97.88 on Monday. The business has a fifty day moving average of $80.01 and a two-hundred day moving average of $68.85. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 52-week low of $49.97 and a 52-week high of $100.59. The stock has a market cap of $75.02 billion, a PE ratio of 49.43, a PEG ratio of 2.96 and a beta of 1.00.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of Fortinet 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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted 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 valued at $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. bought a new position in Fortinet during the second quarter worth $33,000. Finally, Versant Capital Management Inc increased its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.