Fortinet’s (FTNT) “Market Perform” Rating Reaffirmed at Raymond James

Fortinet (NASDAQ:FTNT)‘s stock had its “market perform” rating reiterated by investment analysts at Raymond James in a report issued on Tuesday,Benzinga reports.

Several other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald upped their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Mizuho raised 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. Wells Fargo & Company lifted their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. Finally, Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and increased their price target for the company from $100.00 to $120.00 in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Down 0.8 %

Shares of NASDAQ FTNT opened at $93.83 on Tuesday. Fortinet has a 1 year low of $54.57 and a 1 year high of $101.00. The firm’s 50 day moving average price is $94.89 and its 200 day moving average price is $79.68. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market cap of $71.92 billion, a P/E ratio of 47.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on 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 sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % 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. Company insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after buying an additional 544 shares in the last quarter. American Century Companies Inc. raised its position in shares of Fortinet by 14.8% during the second quarter. American Century Companies Inc. now owns 480,525 shares of the software maker’s stock worth $28,961,000 after purchasing an additional 61,948 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at $310,000. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at $308,000. 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.