Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by Piper Sandler

Piper Sandler upgraded shares of Fortinet (NASDAQ:FTNT) from a neutral rating to an overweight rating in a report issued on Monday, MarketBeat.com reports. Piper Sandler currently has $120.00 price target on the software maker’s stock, up from their prior price target of $100.00.

Several other analysts also recently weighed in on FTNT. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Morgan Stanley upped their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $94.35.

Fortinet Trading Up 0.5 %

NASDAQ:FTNT opened at $97.94 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a 1 year low of $54.57 and a 1 year high of $101.00. The stock has a market cap of $75.07 billion, a P/E ratio of 49.46, a P/E/G ratio of 2.76 and a beta of 1.00. The stock has a 50-day simple moving average of $93.25 and a 200-day simple moving average of $78.40.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock valued at $6,227,201 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Eagle Capital Management LLC boosted its stake in Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after buying an additional 544 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Fortinet by 16.9% in the second quarter. Private Advisor Group LLC now owns 20,981 shares of the software maker’s stock worth $1,265,000 after acquiring an additional 3,030 shares during the last quarter. Candriam S.C.A. grew its holdings in Fortinet by 7.5% in the second quarter. Candriam S.C.A. now owns 45,828 shares of the software maker’s stock valued at $2,762,000 after purchasing an additional 3,179 shares during the period. Savant Capital LLC increased its position in Fortinet by 88.0% during the second quarter. Savant Capital LLC now owns 54,073 shares of the software maker’s stock worth $3,259,000 after purchasing an additional 25,312 shares during the last quarter. Finally, Lake Street Advisors Group LLC boosted its holdings in shares of Fortinet by 8.7% in the 2nd quarter. Lake Street Advisors Group LLC now owns 5,873 shares of the software maker’s stock valued at $354,000 after purchasing an additional 472 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.