Raymond James Reiterates “Market Perform” Rating for Fortinet (NASDAQ:FTNT)

Raymond James reissued their market perform rating on shares of Fortinet (NASDAQ:FTNT) in a research report released on Tuesday, MarketBeat Ratings reports.

Several other analysts also recently issued reports on FTNT. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.35.

Fortinet Stock Down 1.4 %

FTNT opened at $92.49 on Tuesday. The firm has a market cap of $70.89 billion, a P/E ratio of 46.71, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The business has a 50 day moving average price of $94.89 and a 200 day moving average price of $79.68. Fortinet has a twelve month low of $54.57 and a twelve month high of $101.00.

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,816 shares of company stock worth $4,318,590. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. First Hawaiian Bank acquired a new stake in Fortinet in the 4th quarter valued at about $670,000. LVM Capital Management Ltd. MI increased its holdings in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC raised its position in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden lifted its holdings in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in Fortinet in the 3rd quarter valued at $10,343,000. 83.71% of the stock is owned by 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.