Fortinet (NASDAQ:FTNT) Raised to Buy at HSBC

HSBC upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a buy rating in a report published on Monday, MarketBeat reports. They currently have $111.00 target price on the software maker’s stock, up from their prior target price of $83.00.

A number of other analysts have also issued reports on the company. Cantor Fitzgerald boosted their target price on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Raymond James lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Trading Down 3.5 %

Shares of FTNT opened at $94.46 on Monday. The firm has a 50-day moving average price of $80.38 and a 200 day moving average price of $69.03. The firm has a market capitalization of $72.40 billion, a P/E ratio of 47.71, a P/E/G ratio of 2.93 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $49.97 and a 12-month high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

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

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.