Fortinet’s (FTNT) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Fortinet (NASDAQ:FTNT) in a report released on Monday,Benzinga reports.

Several other research analysts also recently weighed in on FTNT. Rosenblatt Securities upped their target price on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Piper Sandler upped their target price on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday. UBS Group increased their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Trading Up 5.6 %

NASDAQ:FTNT opened at $97.18 on Monday. 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 market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. Fortinet has a one year low of $49.70 and a one year high of $97.35. The business has a fifty day moving average price of $79.15 and a 200-day moving average price of $68.40.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in FTNT. Forsta AP Fonden raised its holdings in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Sarasin & Partners LLP raised its holdings in shares of Fortinet by 22.4% during the second 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 raised its holdings in shares of 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 last quarter. Sei Investments Co. raised its holdings in shares of Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after purchasing an additional 34,727 shares during the last quarter. 83.71% of the stock is currently 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.