Fortinet (NASDAQ:FTNT) Upgraded at Hsbc Global Res

Fortinet (NASDAQ:FTNTGet 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

Shares of Fortinet stock opened at $97.18 on Monday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm has a market cap of $74.33 billion, a price-to-earnings ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. Fortinet has a one year low of $49.70 and a one year high of $97.35. The stock’s 50-day moving average is $79.15 and its 200-day moving average is $68.40.

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

(Get Free Report)

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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