Fortinet (NASDAQ:FTNT) Upgraded by KeyCorp to “Overweight” Rating

Fortinet (NASDAQ:FTNT) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued to clients and investors on Thursday,Finviz reports. The brokerage presently has a $115.00 target price on the software maker’s stock. KeyCorp’s target price would suggest a potential upside of 23.18% from the company’s current price.

FTNT has been the topic of a number of other reports. Piper Sandler upped their target price on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Mizuho upped their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Wedbush raised their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $91.65.

Fortinet Price Performance

FTNT stock opened at $93.36 on Thursday. 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 stock’s 50 day moving average price is $89.45 and its 200 day moving average price is $74.94. The firm has a market cap of $71.56 billion, a P/E ratio of 47.15, a PEG ratio of 2.77 and a beta of 1.00. Fortinet has a 1 year low of $54.57 and a 1 year high of $100.59.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,207 shares of company stock worth $3,983,037. 18.00% of the stock is currently owned by insiders.

Institutional Trading of Fortinet

A number of large investors have recently modified their holdings of the company. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC lifted its holdings in 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. City State Bank grew its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in Fortinet during the 3rd quarter valued at about $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.