Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by HSBC

Fortinet (NASDAQ:FTNT) was upgraded by stock analysts at HSBC from a “hold” rating to a “buy” rating in a report released on Monday, MarketBeat Ratings reports. The firm currently has a $111.00 price target on the software maker’s stock, up from their prior price target of $83.00. HSBC’s price target suggests a potential upside of 11.95% from the stock’s current price.

A number of other research firms have also recently weighed in on FTNT. Susquehanna boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Piper Sandler boosted their target price on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Citigroup raised their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $79.52.

Fortinet Trading Up 2.0 %

Shares of FTNT opened at $99.15 on Monday. Fortinet has a 1-year low of $49.70 and a 1-year high of $99.51. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm has a 50 day simple moving average of $79.59 and a 200-day simple moving average of $68.65. The stock has a market cap of $75.84 billion, a price-to-earnings ratio of 50.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on 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 owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Eastern Bank acquired a new position in Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in Fortinet during the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc increased its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.