Hsbc Global Res upgraded shares of Fortinet (NASDAQ:FTNT – Free Report) from a hold rating to a strong-buy rating in a research note issued to investors on Monday,Zacks.com reports.
Other analysts have also recently issued research reports about the stock. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday. Robert W. Baird lifted their price objective on shares of Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday. TD Cowen lifted their price objective on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Scotiabank lifted their price objective on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday. Finally, Royal Bank of Canada lifted their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $79.52.
Check Out Our Latest Stock Report on Fortinet
Fortinet Stock Performance
Insider Activity at Fortinet
In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated 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 directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. 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 available through this link. Over the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by company insiders.
Institutional Investors Weigh In On Fortinet
Institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its holdings in shares of 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 buying an additional 13,178 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Fortinet by 5.7% in the first quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock worth $2,457,000 after buying an additional 1,954 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of Fortinet by 127.9% in the first quarter. Avantax Advisory Services Inc. now owns 20,815 shares of the software maker’s stock worth $1,422,000 after buying an additional 11,680 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Fortinet by 3.2% in the first quarter. Bleakley Financial Group LLC now owns 8,140 shares of the software maker’s stock worth $556,000 after buying an additional 252 shares in the last quarter. Finally, Sheets Smith Wealth Management purchased a new stake in shares of Fortinet in the first quarter worth about $221,000. 83.71% of the stock is owned by hedge funds and other institutional investors.
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.
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