Hsbc Global Res Upgrades Fortinet (NASDAQ:FTNT) to Strong-Buy

Fortinet (NASDAQ:FTNT) was upgraded by investment analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on FTNT. TD Cowen boosted their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research note on Thursday, October 17th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Trading Up 2.0 %

NASDAQ:FTNT opened at $99.15 on Monday. The company has a market cap of $75.84 billion, a PE ratio of 50.08, a PEG ratio of 3.24 and a beta of 1.00. Fortinet has a one year low of $49.70 and a one year high of $99.51. The firm has a 50-day moving average of $79.59 and a 200-day moving average of $68.65. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its stake in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares during the period. QRG Capital Management Inc. lifted its position in Fortinet by 5.7% during the first quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock valued at $2,457,000 after buying an additional 1,954 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Fortinet by 127.9% during the 1st quarter. Avantax Advisory Services Inc. now owns 20,815 shares of the software maker’s stock valued at $1,422,000 after buying an additional 11,680 shares in the last quarter. Bleakley Financial Group LLC grew its position in shares of Fortinet by 3.2% in the 1st quarter. Bleakley Financial Group LLC now owns 8,140 shares of the software maker’s stock worth $556,000 after buying an additional 252 shares during the period. Finally, Sheets Smith Wealth Management bought a new position in shares of Fortinet in the 1st quarter worth about $221,000. 83.71% of the stock is owned by hedge funds and other 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.