Fortinet (NASDAQ:FTNT) Raised to "Overweight" at KeyCorp

Fortinet (NASDAQ:FTNT - Get Free Report) was upgraded by stock analysts at KeyCorp from a "sector weight" rating to an "overweight" rating in a note issued to investors on Thursday, Marketbeat reports. The firm currently has a $115.00 price target on the software maker's stock. KeyCorp's target price points to a potential upside of 21.24% from the company's previous close.

FTNT has been the topic of a number of other reports. HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Piper Sandler lifted their price target on Fortinet from $80.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, November 8th. Finally, Scotiabank upped their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $92.77.

Fortinet Stock Performance

NASDAQ:FTNT traded up $1.49 during midday trading on Thursday, reaching $94.85. The stock had a trading volume of 4,582,498 shares, compared to its average volume of 5,403,759. The stock has a market capitalization of $72.70 billion, a P/E ratio of 47.90, a PEG ratio of 2.77 and a beta of 1.00. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59. 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 firm's fifty day simple moving average is $89.45 and its 200-day simple moving average is $74.94.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 22,916 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in FTNT. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the period. FMR LLC boosted its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker's stock valued at $161,261,000 after buying an additional 1,265,162 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. Institutional investors own 83.71% of the company's stock.

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.