Fortinet Inc. (NASDAQ:FTNT) shot up 2.9% on Friday . The company traded as high as $35.80 and last traded at $35.71, with a volume of 691,257 shares changing hands. The stock had previously closed at $34.71.

A number of brokerages have recently weighed in on FTNT. Barclays PLC dropped their price objective on shares of Fortinet from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Wednesday, June 1st. Royal Bank Of Canada boosted their target price on shares of Fortinet from $32.00 to $35.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 26th. Pacific Crest restated a “hold” rating on shares of Fortinet in a research report on Sunday, May 22nd. Dougherty & Co boosted their target price on shares of Fortinet from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, April 27th. Finally, Evercore ISI assumed coverage on shares of Fortinet in a research report on Thursday, April 14th. They set a “hold” rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $38.79.

The stock has a market capitalization of $6.14 billion and a price-to-earnings ratio of 1986.67. The firm’s 50 day moving average is $33.37 and its 200-day moving average is $30.43.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, April 26th. The company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.03. During the same period in the previous year, the firm earned $0.08 EPS. The firm earned $284.60 million during the quarter, compared to analysts’ expectations of $273.46 million. The firm’s revenue was up 33.7% on a year-over-year basis. Equities analysts forecast that Fortinet Inc. will post $0.70 earnings per share for the current year.

In other news, CAO Keith Jensen sold 1,100 shares of Fortinet stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $31.60, for a total value of $34,760.00. Following the sale, the chief accounting officer now owns 218 shares of the company’s stock, valued at $6,888.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matto Andrew H. Del sold 6,250 shares of Fortinet stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $32.06, for a total transaction of $200,375.00. Following the completion of the sale, the chief financial officer now directly owns 14,867 shares in the company, valued at approximately $476,636.02. The disclosure for this sale can be found here.

Several hedge funds have recently modified their holdings of the stock. Mutual of America Capital Management LLC increased its stake in shares of Fortinet by 3.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 99,926 shares of the company’s stock valued at $3,115,000 after buying an additional 3,110 shares during the last quarter. Gulf International Bank UK Ltd purchased a new stake in shares of Fortinet during the fourth quarter valued at $1,386,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Fortinet by 1.1% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,453 shares of the company’s stock valued at $1,323,000 after buying an additional 455 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of Fortinet by 278.7% in the fourth quarter. GSA Capital Partners LLP now owns 57,161 shares of the company’s stock valued at $1,782,000 after buying an additional 42,067 shares during the last quarter. Finally, Liberty Mutual Group Asset Management Inc. increased its stake in shares of Fortinet by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 93,776 shares of the company’s stock valued at $2,923,000 after buying an additional 31,817 shares during the last quarter.

Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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