Fortinet (NASDAQ:FTNT – Get Rating) had its price objective trimmed by MKM Partners from $70.00 to $65.00 in a report released on Tuesday morning, Marketbeat reports. The brokerage currently has a buy rating on the software maker's stock.

A number of other equities research analysts also recently weighed in on FTNT. Mizuho downgraded shares of Fortinet from a buy rating to a neutral rating and set a $60.00 price target for the company. in a report on Friday, January 27th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Fortinet from $63.00 to $53.00 and set a hold rating for the company in a report on Monday, January 23rd. Scotiabank started coverage on shares of Fortinet in a report on Tuesday, January 17th. They issued a sector outperform rating and a $65.00 price target for the company. Wedbush cut their price target on shares of Fortinet from $76.00 to $64.00 in a report on Thursday, November 3rd. Finally, BTIG Research downgraded shares of Fortinet from a buy rating to a neutral rating in a report on Friday, January 13th. Nine equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $65.92.

Fortinet Stock Down 1.6 %

FTNT stock opened at $53.00 on Tuesday. The company has a market capitalization of $41.41 billion, a P/E ratio of 58.50, a PEG ratio of 2.81 and a beta of 1.14. The company has a 50-day simple moving average of $50.73 and a 200 day simple moving average of $52.07. Fortinet has a fifty-two week low of $42.61 and a fifty-two week high of $71.52.

Insider Activity

In other news, VP Michael Xie sold 240,046 shares of the company's stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the transaction, the vice president now owns 29,727,018 shares in the company, valued at approximately $1,596,935,406.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 240,046 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the transaction, the vice president now owns 29,727,018 shares in the company, valued at $1,596,935,406.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Whittle sold 3,125 shares of the stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $55.00, for a total value of $171,875.00. Following the completion of the transaction, the vice president now owns 12,876 shares in the company, valued at approximately $708,180. The disclosure for this sale can be found here. 18.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker's stock worth $56,000 after buying an additional 57 shares during the last quarter. Zions Bancorporation N.A. grew its holdings in Fortinet by 20.4% during the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker's stock valued at $147,000 after purchasing an additional 73 shares during the last quarter. Capital Advisors Ltd. LLC grew its holdings in Fortinet by 400.0% during the second quarter. Capital Advisors Ltd. LLC now owns 505 shares of the software maker's stock valued at $29,000 after purchasing an additional 404 shares during the last quarter. Ronald Blue Trust Inc. grew its holdings in Fortinet by 632.9% during the third quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker's stock valued at $30,000 after purchasing an additional 462 shares during the last quarter. Finally, JFS Wealth Advisors LLC grew its holdings in Fortinet by 332.9% during the second quarter. JFS Wealth Advisors LLC now owns 645 shares of the software maker's stock valued at $36,000 after purchasing an additional 496 shares during the last quarter. Institutional investors and hedge funds own 64.35% of the company's stock.

About Fortinet

(Get Rating)

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.

Featured Articles

• Get a free copy of the StockNews.com research report on Fortinet (FTNT)
• Are Penny Stocks Worth it? Should You Invest in Penny Stocks?
• Zimmer Biomet Beats on Earnings, Growth May be Priced In
• AI Software Maker EPAM Boasts Biggest Tech-Sector Rally
• Ford Stock Going Forward After Big Earnings Flop
• Insiders And Institutions Buy Wolverine Worldwide

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.