Fortinet, Inc. (NASDAQ:FTNT) Receives Average Rating of "Hold" from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) have earned a consensus recommendation of "Hold" from the thirty-four analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, nineteen have issued a hold recommendation, thirteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $92.77.

FTNT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a report on Monday. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. Stifel Nicolaus raised their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a "hold" rating in a research note on Wednesday. Finally, Robert W. Baird upped their target price on Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th.

Insider Activity

In related news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company'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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock worth $6,227,201 in the last 90 days. Company insiders own 18.00% of the company's stock.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Fortinet by 8.7% in the third quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker's stock valued at $58,174,000 after acquiring an additional 59,930 shares during the last quarter. Inspire Trust Co. N.A. raised its holdings in shares of Fortinet by 25.4% during the 3rd quarter. Inspire Trust Co. N.A. now owns 26,983 shares of the software maker's stock valued at $2,093,000 after purchasing an additional 5,457 shares in the last quarter. American Trust acquired a new stake in shares of Fortinet in the 3rd quarter valued at $246,000. Franklin Resources Inc. boosted its holdings in Fortinet by 21.6% in the third quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker's stock worth $32,408,000 after purchasing an additional 69,374 shares in the last quarter. Finally, Tri Ri Asset Management Corp acquired a new position in Fortinet during the third quarter worth $3,566,000. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT traded up $2.34 during trading hours on Friday, hitting $97.19. The company's stock had a trading volume of 13,242,780 shares, compared to its average volume of 5,435,629. The company has a 50-day simple moving average of $89.69 and a 200 day simple moving average of $75.07. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $74.49 billion, a PE ratio of 49.09, a PEG ratio of 2.77 and a beta of 1.00. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $100.59.

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.