Fortinet’s (FTNT) “Buy” Rating Reiterated at Truist Financial

Truist Financial reaffirmed their buy rating on shares of Fortinet (NASDAQ:FTNT) in a research report released on Wednesday morning,Benzinga reports. Truist Financial currently has a $105.00 price objective on the software maker’s stock, up from their previous price objective of $85.00.

FTNT has been the subject of several other research reports. TD Cowen raised their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday. Susquehanna upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a report on Thursday, August 8th. BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Down 1.3 %

Shares of Fortinet stock opened at $92.77 on Wednesday. The company’s fifty day simple moving average is $82.45 and its two-hundred day simple moving average is $70.30. Fortinet has a 12-month low of $50.65 and a 12-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 company has a market cap of $71.10 billion, a P/E ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD raised its position in shares of 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 during the last quarter. Swedbank AB purchased a new position in Fortinet during the first quarter valued at $548,013,000. Marshall Wace LLP lifted its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, FMR LLC grew its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Institutional investors 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.