Fortinet (NASDAQ:FTNT) Receives Market Perform Rating from Raymond James

Fortinet (NASDAQ:FTNT)‘s stock had its “market perform” rating restated by Raymond James in a research note issued on Tuesday, Marketbeat.com reports.

Several other brokerages also recently weighed in on FTNT. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $100.00 to $120.00 in a research report on Monday, January 6th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, Scotiabank boosted their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $94.35.

Fortinet Price Performance

Shares of FTNT opened at $93.06 on Tuesday. 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 fifty-two week low of $54.57 and a fifty-two week high of $101.00. The firm has a 50-day simple moving average of $95.18 and a 200-day simple moving average of $79.91. The company has a market capitalization of $71.33 billion, a price-to-earnings ratio of 47.00, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently added to or reduced their stakes in FTNT. Marshall Wace LLP boosted 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 buying an additional 4,148,520 shares during the last quarter. FMR LLC lifted its holdings in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the period. AQR Capital Management LLC boosted its position in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the period. Finally, State Street Corp increased its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.