Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by KeyCorp

KeyCorp upgraded shares of Fortinet (NASDAQ:FTNT) from a sector weight rating to an overweight rating in a research note issued to investors on Thursday morning, Marketbeat.com reports. The firm currently has $115.00 price objective on the software maker’s stock.

Several other equities research analysts have also issued reports on FTNT. Truist Financial reissued a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Robert W. Baird increased their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.77.

Fortinet Stock Up 1.6 %

Shares of Fortinet stock opened at $94.85 on Thursday. The business has a 50-day moving average price of $89.69 and a 200 day moving average price of $75.07. Fortinet has a fifty-two week low of $54.57 and a fifty-two week high of $100.59. The firm has a market cap of $72.70 billion, a P/E ratio of 47.90, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

Large investors have recently modified their holdings of the stock. Eastern Bank acquired a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank boosted its holdings in shares of Fortinet by 900.0% in the third 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, Paladin Wealth LLC purchased a new position in shares of Fortinet in the third quarter worth approximately $46,000. 83.71% of the stock is owned by 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.