A number of other brokerages also recently weighed in on FTNT. Citigroup boosted their price objective on shares of Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Northland Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Fortinet in a research report on Friday, May 3rd. Evercore ISI reaffirmed a “hold” rating and set a $80.00 price objective on shares of Fortinet in a research report on Tuesday, May 7th. Cowen assumed coverage on shares of Fortinet in a research report on Thursday, May 23rd. They set a “market perform” rating and a $85.00 price objective for the company. Finally, Morgan Stanley upped their target price on shares of Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $87.96.
Shares of NASDAQ:FTNT opened at $81.75 on Wednesday. Fortinet has a fifty-two week low of $64.41 and a fifty-two week high of $96.96. The firm has a 50-day simple moving average of $83.13 and a 200 day simple moving average of $82.82. The company has a market cap of $13.62 billion, a PE ratio of 72.35, a P/E/G ratio of 3.63 and a beta of 1.08.
In other news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total value of $80,720.00. Following the completion of the sale, the director now directly owns 75,213 shares of the company’s stock, valued at approximately $6,071,193.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,250 shares of company stock valued at $3,642,598. Company insiders own 17.20% of the company’s stock.
Several large investors have recently modified their holdings of FTNT. Valeo Financial Advisors LLC lifted its stake in Fortinet by 2,117.4% during the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after purchasing an additional 487 shares during the last quarter. Bremer Bank National Association acquired a new stake in Fortinet during the first quarter valued at approximately $44,000. Amica Retiree Medical Trust acquired a new stake in Fortinet during the second quarter valued at approximately $51,000. Employers Holdings Inc. acquired a new stake in Fortinet during the second quarter valued at approximately $54,000. Finally, CSat Investment Advisory L.P. lifted its stake in Fortinet by 207.2% during the second quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock valued at $73,000 after purchasing an additional 636 shares during the last quarter. 71.55% of the stock is owned by institutional investors.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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