Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by Hsbc Global Res

Hsbc Global Res upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Cantor Fitzgerald increased their price target on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Raymond James lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. 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. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Monday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

NASDAQ FTNT opened at $94.46 on Monday. The business has a 50 day moving average price of $80.38 and a 200 day moving average price of $69.03. 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 company has a market capitalization of $72.40 billion, a P/E ratio of 47.71, a PEG ratio of 2.96 and a beta of 1.00. Fortinet has a 1-year low of $49.97 and a 1-year high of $100.59.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank lifted its position in shares of Fortinet by 900.0% in 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 last quarter. Finally, Oakworth Capital Inc. acquired a new position in Fortinet in the second quarter valued at approximately $33,000. Hedge funds and other 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.