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

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been given a consensus recommendation of “Hold” by the thirty-three analysts that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, nineteen have assigned a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $101.43.

Several research analysts recently commented on FTNT shares. Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, BMO Capital Markets lifted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th.

Fortinet Stock Up 2.8 %

Shares of NASDAQ FTNT opened at $107.66 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a 52 week low of $54.57 and a 52 week high of $110.53. The firm’s fifty day moving average is $97.38 and its 200 day moving average is $84.56. The company has a market cap of $82.52 billion, a price-to-earnings ratio of 54.37, a PEG ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. On average, equities research analysts expect that Fortinet will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Manchester Capital Management LLC increased its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the period. Fielder Capital Group LLC grew its stake in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its stake in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. 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.