Needham & Company LLC Reiterates Hold Rating for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT)‘s stock had its “hold” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports.

FTNT has been the topic of a number of other reports. Piper Sandler increased their price target on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday. Citigroup boosted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday. BMO Capital Markets upped their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $94.13 on Friday. The company has a market cap of $72.15 billion, a PE ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The firm has a 50-day simple moving average of $82.10 and a 200 day simple moving average of $70.06. 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 news, CEO Ken Xie sold 23,538 shares of Fortinet 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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock valued at $4,058,575 in the last three months. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its position in Fortinet by 3.8% during the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock valued at $1,191,000 after purchasing an additional 637 shares during the last quarter. Gabelli Funds LLC bought a new position in Fortinet during the first quarter valued at approximately $205,000. Magnetar Financial LLC bought a new position in Fortinet during the first quarter valued at approximately $3,189,000. BOKF NA lifted its stake in Fortinet by 5.0% in the first quarter. BOKF NA now owns 25,815 shares of the software maker’s stock valued at $1,751,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Ceeto Capital Group LLC increased its stake in shares of Fortinet by 26.8% during the 1st quarter. Ceeto Capital Group LLC now owns 15,150 shares of the software maker’s stock worth $1,035,000 after purchasing an additional 3,200 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.