Thirty-four research firms covering Fortinet have issued recommendations, resulting in an average rating of Hold. Breakdown: 3 sell ratings, 24 hold ratings, 6 buy ratings and 1 strong buy rating. The average one-year price target across all brokerages stands at $90.04, reflecting tempered upside expectations from analysts over the next 12 months.

Several major brokerages have updated their Fortinet assessments in the past two months. Weiss Ratings reaffirmed a hold (c) rating on December 29. Morgan Stanley maintained an underweight rating on December 18 but raised its target to $70 from $66. Barclays trimmed its equal weight target from $90 to $88 on November 6, while UBS reduced its neutral target from $90 to $80 on the same date. On December 17, JPMorgan Chase & Co. reaffirmed an underweight rating and lowered its target to $75 from $85.

CEO Ken Xie sold 158,485 shares on November 3 at an average price of $86.51, netting $13.71 million and reducing his stake by 0.31% to 51.39 million shares (valued at approximately $4.45 billion). Vice President Michael Xie sold 3,546 shares on the same day at $86.53 per share, generating $306,835 and trimming his holding by 0.03% to 10.49 million shares (valued at about $907.87 million). Insiders collectively own 17.20% of the company’s stock.

Large investors have adjusted their Fortinet positions in recent quarters. Vanguard Group increased its stake by 4.0% to 75.58 million shares (worth $6.35 billion) in Q3. State Street raised its holding by 1.6% to 29.66 million shares ($2.49 billion). Geode Capital Management boosted its position by 5.2% to 16.92 million shares ($1.78 billion) in Q2. Norges Bank initiated a new position valued at $1.64 billion during the same quarter. Invesco lifted its stake by 17.0% to 10.82 million shares ($909 million) in Q3. Overall, institutional investors own 83.71% of Fortinet stock.