Fortinet (NASDAQ:FTNT – Get Free Report) was upgraded by investment analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.
FTNT has been the subject of a number of other research reports. Morgan Stanley reduced their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Scotiabank raised their target price on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Monday. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $79.52.
Check Out Our Latest Stock Analysis on Fortinet
Fortinet Stock Performance
Insider Transactions at Fortinet
In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% of the company’s stock.
Hedge Funds Weigh In On Fortinet
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eastern Bank bought a new position in Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter valued at approximately $33,000. Institutional investors own 83.71% of the company’s stock.
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.
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