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

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been assigned an average rating of “Hold” from the thirty-three brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, nineteen have given a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $88.93.

Several equities analysts recently commented on FTNT shares. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Raymond James increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday.

Fortinet Stock Down 1.3 %

FTNT opened at $92.77 on Monday. Fortinet has a 12 month low of $50.65 and a 12 month high of $100.59. The business has a 50-day moving average of $82.45 and a two-hundred day moving average of $70.45. 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 stock has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were 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. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its holdings in shares of Fortinet by 3.8% during the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock valued at $1,191,000 after buying an additional 637 shares during the last quarter. Gabelli Funds LLC acquired a new position in Fortinet during the 1st quarter worth $205,000. BOKF NA grew its stake in shares of Fortinet by 5.0% in the first quarter. BOKF NA now owns 25,815 shares of the software maker’s stock worth $1,751,000 after purchasing an additional 1,240 shares in the last quarter. Silvercrest Asset Management Group LLC increased its holdings in shares of Fortinet by 37.1% during the first quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock valued at $2,996,000 after purchasing an additional 11,879 shares during the period. Finally, 2Xideas AG raised its stake in shares of Fortinet by 101.2% during the first quarter. 2Xideas AG now owns 733,832 shares of the software maker’s stock valued at $50,128,000 after purchasing an additional 369,105 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.