Fortinet, Inc. (NASDAQ:FTNT) Given Average Recommendation of "Hold" by Brokerages

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) have been assigned a consensus recommendation of "Hold" from the thirty-three analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, nineteen have issued a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $88.93.

A number of equities analysts have issued reports on FTNT shares. Wells Fargo & Company raised their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 19th. Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, November 8th. Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Piper Sandler upped their price objective on shares of Fortinet from $80.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. Finally, Bank of America boosted their price target on Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.35 during midday trading on Monday, reaching $93.12. The company had a trading volume of 8,804,046 shares, compared to its average volume of 5,514,081. The stock has a market cap of $71.37 billion, a P/E ratio of 47.03, a P/E/G ratio of 2.69 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 1 year low of $50.65 and a 1 year high of $100.59. The business's 50-day simple moving average is $82.79 and its 200 day simple moving average is $70.69.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm'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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the firm's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,095 shares of company stock worth $4,058,575. Corporate insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FTNT. Tidal Investments LLC boosted its holdings in shares of Fortinet by 311.3% in the third quarter. Tidal Investments LLC now owns 133,226 shares of the software maker's stock valued at $10,332,000 after acquiring an additional 100,832 shares during the period. Optimist Retirement Group LLC purchased a new position in Fortinet during the 3rd quarter worth $394,000. Wilmington Savings Fund Society FSB acquired a new position in Fortinet in the third quarter valued at $280,000. Pine Valley Investments Ltd Liability Co acquired a new stake in shares of Fortinet during the third quarter worth about $9,818,000. Finally, Anchor Investment Management LLC grew its holdings in shares of Fortinet by 4.2% during the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker's stock worth $3,565,000 after buying an additional 1,866 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

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.