JPMorgan Chase & Co. initiated coverage on shares of Fortinet (NASDAQ:FTNT – Get Rating) in a report released on Tuesday morning, The Fly reports. The brokerage issued an overweight rating and a $69.00 target price on the software maker’s stock.
FTNT has been the subject of a number of other reports. Wedbush lowered their target price on shares of Fortinet from $76.00 to $64.00 in a research note on Thursday, November 3rd. Royal Bank of Canada decreased their price objective on shares of Fortinet from $69.00 to $57.00 and set a sector perform rating for the company in a research note on Thursday, November 3rd. Robert W. Baird restated an outperform rating and set a $70.00 price objective on shares of Fortinet in a research note on Wednesday, October 19th. Morgan Stanley lifted their price objective on shares of Fortinet from $66.00 to $71.00 and gave the company an overweight rating in a research note on Thursday, December 22nd. Finally, KeyCorp decreased their price objective on shares of Fortinet from $63.00 to $62.00 and set an overweight rating for the company in a research note on Wednesday, November 16th. Seven analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of Moderate Buy and a consensus price target of $66.15.
Fortinet Stock Up 1.1 %
Shares of Fortinet stock opened at $51.09 on Tuesday. The firm’s 50 day moving average price is $50.82 and its 200-day moving average price is $52.35. Fortinet has a 52-week low of $42.61 and a 52-week high of $71.52. The company has a market cap of $39.91 billion, a P/E ratio of 56.39, a PEG ratio of 2.59 and a beta of 1.13.
Insider Buying and Selling at Fortinet
In other Fortinet news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $55.00, for a total value of $171,875.00. Following the transaction, the vice president now owns 12,876 shares of the company’s stock, valued at $708,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.80% of the stock is currently owned by corporate insiders.
Institutional Trading of Fortinet
Several hedge funds have recently made changes to their positions in FTNT. Heritage Financial Services LLC acquired a new stake in shares of Fortinet during the second quarter worth about $29,000. Capital Advisors Ltd. LLC lifted its position in shares of Fortinet by 400.0% during the second quarter. Capital Advisors Ltd. LLC now owns 505 shares of the software maker’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Ronald Blue Trust Inc. lifted its position in shares of Fortinet by 632.9% during the third quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock worth $30,000 after purchasing an additional 462 shares in the last quarter. JFS Wealth Advisors LLC lifted its position in shares of Fortinet by 332.9% during the second quarter. JFS Wealth Advisors LLC now owns 645 shares of the software maker’s stock worth $36,000 after purchasing an additional 496 shares in the last quarter. Finally, TCI Wealth Advisors Inc. lifted its position in shares of Fortinet by 403.5% during the second quarter. TCI Wealth Advisors Inc. now owns 715 shares of the software maker’s stock worth $40,000 after purchasing an additional 573 shares in the last quarter. Institutional investors and hedge funds own 64.35% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.
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