Fortinet’s (FTNT) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Fortinet (NASDAQ:FTNT) in a report issued on Friday,Benzinga reports.

Other equities analysts have also issued reports about the company. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Susquehanna raised their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. UBS Group boosted their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Finally, Rosenblatt Securities lifted their price objective on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Trading Up 0.4 %

Shares of NASDAQ:FTNT opened at $93.12 on Friday. Fortinet has a twelve month low of $50.65 and a twelve month high of $100.59. 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 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 50 day moving average of $82.79 and a 200-day moving average of $70.69.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares in the last quarter. Forsta AP Fonden raised its stake in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Sarasin & Partners LLP lifted its holdings in Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers boosted its position in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC grew its holdings in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after purchasing an additional 40,277 shares during the last quarter. Institutional investors and hedge funds 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.