Needham & Company LLC Reaffirms “Hold” Rating for Fortinet (NASDAQ:FTNT)

by · The Cerbat Gem

Fortinet (NASDAQ:FTNT – Get Free Report)‘s stock had its “hold” rating reissued by Needham & Company LLC in a report issued on Monday,Benzinga reports.

Several other research analysts have also weighed in on the company. Piper Sandler lifted their price objective on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $77.72.

Check Out Our Latest Stock Report on Fortinet

Fortinet Stock Up 10.0 %

Shares of FTNT opened at $92.04 on Monday. The company has a market capitalization of $70.40 billion, a PE ratio of 46.48, a PEG ratio of 3.24 and a beta of 1.00. Fortinet has a 12 month low of $49.63 and a 12 month high of $92.53. The stock’s 50-day moving average price is $78.74 and its two-hundred day moving average price is $68.17. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 70,538 shares of company stock worth $5,403,559. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter worth $33,000. Finally, Versant Capital Management Inc increased its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

(Get Free Report)

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.

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