Fortinet (NASDAQ:FTNT) Earns “Market Perform” Rating from Raymond James

Fortinet (NASDAQ:FTNT)‘s stock had its “market perform” rating restated by equities research analysts at Raymond James in a research note issued to investors on Tuesday,Benzinga reports.

FTNT has been the subject of a number of other reports. Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Scotiabank raised their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. The Goldman Sachs Group lifted their target price on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Price Performance

FTNT stock opened at $93.83 on Tuesday. Fortinet has a 1 year low of $54.57 and a 1 year high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $71.92 billion, a PE ratio of 47.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The business has a 50 day simple moving average of $94.89 and a 200-day simple moving average of $79.68.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value 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. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 68,123 shares of company stock valued at $6,227,201. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently added to or reduced their stakes in the stock. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew its stake in shares of 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 purchasing an additional 173 shares during the period. City State Bank increased its holdings in shares of 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 purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.