Fortinet (NASDAQ:FTNT) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Fortinet (NASDAQ:FTNT) from a neutral rating to an overweight rating in a research note published on Monday morning, Marketbeat Ratings reports. They currently have $120.00 price objective on the software maker’s stock, up from their prior price objective of $100.00.

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Wells Fargo & Company upped their price objective on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Mizuho boosted their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Up 0.1 %

Fortinet stock opened at $96.04 on Monday. The stock has a market cap of $73.61 billion, a PE ratio of 48.51, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock’s fifty day moving average is $93.93 and its two-hundred day moving average is $78.78. Fortinet has a 1-year low of $54.57 and a 1-year high of $101.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value 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 approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased 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. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 68,123 shares of company stock valued at $6,227,201. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Several large investors have recently modified their holdings of FTNT. Versant Capital Management Inc grew its holdings in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the last quarter. Diversified Trust Co lifted its position in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after acquiring an additional 135 shares in the last quarter. Eagle Capital Management LLC boosted its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC raised its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.