Analysts’ Weekly Ratings Updates for Fortinet (FTNT)

Fortinet (NASDAQ: FTNT) has recently received a number of price target changes and ratings updates:

• 11/11/2024 – Fortinet had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
• 11/11/2024 – Fortinet was upgraded by analysts at HSBC Holdings plc from a “hold” rating to a “buy” rating. They now have a $111.00 price target on the stock, up previously from $83.00.
• 11/8/2024 – Fortinet had its price target raised by analysts at Scotiabank from $75.00 to $85.00. They now have a “sector outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Raymond James from $85.00 to $95.00. They now have an “outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Wedbush from $78.00 to $90.00. They now have an “outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Robert W. Baird from $80.00 to $88.00. They now have an “outperform” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at UBS Group AG from $70.00 to $83.00. They now have a “neutral” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Piper Sandler from $70.00 to $80.00. They now have a “neutral” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Barclays PLC from $85.00 to $95.00. They now have an “equal weight” rating on the stock.
• 11/8/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $85.00 to $90.00. They now have a “buy” rating on the stock.
• 10/31/2024 – Fortinet had its price target raised by analysts at Rosenblatt Securities from $72.00 to $85.00. They now have a “buy” rating on the stock.
• 10/29/2024 – Fortinet had its price target raised by analysts at Cantor Fitzgerald from $65.00 to $88.00. They now have a “neutral” rating on the stock.
• 10/25/2024 – Fortinet was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 10/23/2024 – Fortinet had its price target raised by analysts at Truist Financial Co. from $70.00 to $85.00. They now have a “buy” rating on the stock.
• 10/17/2024 – Fortinet was downgraded by analysts at Mizuho from a “neutral” rating to an “underperform” rating. They now have a $68.00 price target on the stock.
• 10/17/2024 – Fortinet was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 10/9/2024 – Fortinet had its price target raised by analysts at TD Cowen from $75.00 to $90.00. They now have a “buy” rating on the stock.
• 10/7/2024 – Fortinet had its price target raised by analysts at Barclays PLC from $74.00 to $85.00. They now have an “equal weight” rating on the stock.
• 9/13/2024 – Fortinet had its price target raised by analysts at Citigroup Inc. from $66.00 to $76.00. They now have a “neutral” rating on the stock.

Fortinet Trading Up 5.6 %

Shares of FTNT opened at $97.18 on Tuesday. The stock’s 50-day moving average is $79.15 and its two-hundred day moving average is $68.40. The stock has a market cap of $74.33 billion, a PE ratio of 49.08, a P/E/G ratio of 3.24 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $49.70 and a 12 month high of $97.35. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is currently owned by insiders.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Swedbank AB raised its stake in Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after buying an additional 134,366 shares in the last quarter. Marshall Wace LLP raised its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.