Fortinet (NASDAQ:FTNT) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Fortinet (NASDAQ:FTNT) in a research report sent to investors on Monday, Marketbeat reports.

Several other analysts also recently weighed in on FTNT. Raymond James boosted their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada upped their price objective on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Susquehanna lifted their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Stock Down 3.5 %

Shares of NASDAQ:FTNT opened at $94.46 on Monday. The stock has a market capitalization of $72.40 billion, a P/E ratio of 47.71, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. The stock’s 50-day moving average price is $80.38 and its 200-day moving average price is $69.03. 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 Activity

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several large investors have recently modified their holdings of the company. Eagle Capital Management LLC increased its position in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC increased its holdings in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the last quarter. Parallel Advisors LLC raised its position in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the period. Crewe Advisors LLC boosted its stake in shares of Fortinet by 8.8% during the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after acquiring an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. 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.