Fortinet (NASDAQ:FTNT) Raised to “Strong-Buy” at Hsbc Global Res

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

Other research analysts have also recently issued reports about the stock. TD Cowen lifted their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank lifted their price target on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $79.52.

Fortinet Trading Down 1.3 %

Shares of FTNT stock opened at $97.88 on Monday. The stock has a market cap of $75.02 billion, a price-to-earnings ratio of 49.43, a price-to-earnings-growth ratio of 2.96 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. Fortinet has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The firm’s 50 day moving average price is $80.01 and its two-hundred day moving average price is $68.85.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently bought and sold shares of the stock. Forsta AP Fonden lifted its holdings in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP lifted its holdings in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers lifted its holdings in Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the period. Sei Investments Co. lifted its holdings in Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Fortinet by 29.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares in the last quarter. Institutional investors and hedge funds 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.