Fortinet (NASDAQ:FTNT) Upgraded to Strong-Buy at Hsbc Global Res

Hsbc Global Res upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. BMO Capital Markets increased their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. TD Cowen upped their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Truist Financial upped their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Trading Up 5.6 %

Shares of NASDAQ FTNT opened at $97.18 on Monday. The company’s 50 day simple moving average is $79.15 and its 200 day simple moving average is $68.40. Fortinet has a fifty-two week low of $49.70 and a fifty-two week high of $97.35. The firm has a market capitalization of $74.33 billion, a P/E ratio of 49.08, a P/E/G ratio of 3.24 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 70,538 shares of company stock valued at $5,403,559. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Large investors have recently added to or reduced their stakes in the company. Forsta AP Fonden lifted its stake in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Sarasin & Partners LLP lifted its stake in shares of Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares during the last quarter. Institutional investors and hedge funds 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.