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

Needham & Company LLC restated their hold rating on shares of Fortinet (NASDAQ:FTNT) in a research report report published on Monday, MarketBeat reports.

Several other analysts have also recently issued reports on the company. Truist Financial increased their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company boosted their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Wedbush boosted their price target on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

FTNT opened at $94.46 on Monday. Fortinet has a 1-year low of $49.97 and a 1-year high of $100.59. 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 firm has a market cap of $72.40 billion, a P/E ratio of 47.71, a PEG ratio of 2.93 and a beta of 1.00. The company has a 50 day simple moving average of $80.38 and a two-hundred day simple moving average of $69.03.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value 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 $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 18.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Eastern Bank purchased a new stake in shares of Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc raised its stake in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Company Profile

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.