Fortinet’s (FTNT) Market Perform Rating Reaffirmed at Raymond James

Raymond James restated their market perform rating on shares of Fortinet (NASDAQ:FTNT) in a report released on Tuesday morning, Marketbeat.com reports.

FTNT has been the topic of a number of other reports. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Bank of America upped their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Royal Bank of Canada upped their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company lifted their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. One research 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 stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Down 1.4 %

Shares of Fortinet stock opened at $92.49 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet has a 1-year low of $54.57 and a 1-year high of $101.00. The business’s fifty day moving average price is $94.89 and its two-hundred day moving average price is $79.68. The company has a market capitalization of $70.89 billion, a P/E ratio of 46.71, a PEG ratio of 2.76 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 44,816 shares of company stock valued at $4,318,590 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

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

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.