Fortinet (NASDAQ:FTNT) Upgraded at Hsbc Global Res

Hsbc Global Res upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

A number of other equities research analysts also recently commented on the stock. Wedbush increased their price objective on shares of Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. TD Cowen upped their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company upped their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a report on Thursday, October 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $79.52.

Fortinet Trading Down 1.3 %

Shares of NASDAQ:FTNT opened at $97.88 on Monday. Fortinet has a 52 week low of $49.97 and a 52 week high of $100.59. The company’s 50 day moving average is $80.01 and its two-hundred day moving average is $68.85. 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 company has a market cap of $75.02 billion, a PE ratio of 49.43, a P/E/G ratio of 2.96 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

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

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.