Fortinet (NASDAQ:FTNT) Upgraded at KeyCorp

Fortinet (NASDAQ:FTNT) was upgraded by KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued to clients and investors on Thursday,Finviz reports. The brokerage currently has a $115.00 price objective on the software maker’s stock. KeyCorp’s price target suggests a potential upside of 23.18% from the company’s current price.

Other analysts also recently issued reports about the stock. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Scotiabank increased their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Rosenblatt Securities upped their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $91.65.

Fortinet Trading Down 4.4 %

Shares of FTNT stock opened at $93.36 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a 50-day simple moving average of $89.45 and a 200 day simple moving average of $74.94. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $100.59. The stock has a market capitalization of $71.56 billion, a P/E ratio of 47.15, a P/E/G ratio of 2.77 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s 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. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 45,207 shares of company stock worth $3,983,037 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently modified their holdings of the business. Apollon Wealth Management LLC grew its position in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden raised its stake in shares of 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 purchasing an additional 14,300 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Fortinet during the third quarter worth $10,343,000. Empower Advisory Group LLC raised its stake in shares of Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position 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 valued at $11,829,000 after acquiring an additional 34,727 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

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.