Truist Financial Reaffirms “Buy” Rating for Fortinet (NASDAQ:FTNT)

Truist Financial reissued their buy rating on shares of Fortinet (NASDAQ:FTNT) in a report issued on Wednesday,Benzinga reports. The firm currently has a $105.00 price target on the software maker’s stock, up from their prior price target of $85.00.

Several other equities analysts also recently commented on the company. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research note on Thursday, October 17th. Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday. Rosenblatt Securities upped their target price on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Down 1.3 %

Shares of NASDAQ:FTNT opened at $92.77 on Wednesday. The firm has a market capitalization of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The business has a 50 day simple moving average of $82.45 and a two-hundred day simple moving average of $70.30. Fortinet has a 1 year low of $50.65 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.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’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 transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction 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 trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,095 shares of company stock worth $4,058,575. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the period. State Street Corp boosted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the period. Swedbank AB increased its holdings in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.