Fortinet Inc. (NASDAQ:FTNT) shares shot up 5.4% on Tuesday . The stock traded as high as $34.83 and last traded at $34.69, with a volume of 2,113,144 shares changing hands. The stock had previously closed at $32.90.

Several brokerages recently weighed in on FTNT. Barclays PLC reduced their price target on Fortinet from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, June 1st. Royal Bank Of Canada lifted their price target on 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 reiterated a “hold” rating on shares of Fortinet in a research report on Sunday, May 22nd. Dougherty & Co lifted their price target on Fortinet from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, April 27th. Finally, Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Fortinet in a research report on Wednesday, April 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $38.95.

The firm has a market cap of $6.03 billion and a P/E ratio of 943.649. The company’s 50 day moving average price is $33.60 and its 200-day moving average price is $31.20.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.14. During the same period in the previous year, the firm posted $0.11 earnings per share. The business had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. The firm’s revenue was up 29.9% compared to the same quarter last year. Analysts expect that Fortinet Inc. will post $0.70 EPS for the current fiscal year.

In related news, CFO Matto Andrew H. Del sold 5,500 shares of Fortinet stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total value of $187,385.00. Following the completion of the transaction, the chief financial officer now directly owns 22,099 shares in the company, valued at $752,912.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matto Andrew H. Del sold 2,750 shares of Fortinet stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $34.23, for a total value of $94,132.50. Following the completion of the transaction, the chief financial officer now owns 14,599 shares of the company’s stock, valued at $499,723.77. The disclosure for this sale can be found here.

A number of institutional investors have recently bought and sold shares of FTNT. Trexquant Investment LP bought a new position in shares of Fortinet during the fourth quarter worth approximately $1,702,000. Airain ltd bought a new position in shares of Fortinet during the fourth quarter worth approximately $3,156,000. Broadview Advisors LLC increased its position in shares of Fortinet by 8.2% in the fourth quarter. Broadview Advisors LLC now owns 211,045 shares of the company’s stock worth $6,578,000 after buying an additional 16,000 shares during the last quarter. King Luther Capital Management Corp increased its position in shares of Fortinet by 10.4% in the fourth quarter. King Luther Capital Management Corp now owns 385,860 shares of the company’s stock worth $12,027,000 after buying an additional 36,435 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in shares of Fortinet by 24.8% in the fourth quarter. Schroder Investment Management Group now owns 730,300 shares of the company’s stock worth $22,763,000 after buying an additional 144,900 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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