Fortinet Inc. (FTNT) Given Consensus Rating of “Buy” by Analysts
Shares of Fortinet Inc. (NASDAQ:FTNT) have received a consensus rating of “Buy” from the twenty-seven brokerages that are covering the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $39.50.
Several analysts recently commented on the company. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $45.00 price objective (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Pacific Crest reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. Citigroup Inc. dropped their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Finally, Zacks Investment Research downgraded Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th.
In other news, VP John Whittle sold 15,007 shares of Fortinet stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total value of $523,894.37. Following the completion of the sale, the vice president now directly owns 18,969 shares in the company, valued at $662,207.79. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total transaction of $832,676.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in FTNT. US Bancorp DE increased its stake in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $106,000 after buying an additional 123 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares in the last quarter. Advisor Group Inc. purchased a new position in shares of Fortinet during the second quarter valued at approximately $152,000. Tower Research Capital LLC TRC increased its position in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA increased its position in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 shares in the last quarter. Institutional investors own 70.65% of the company’s stock.
Fortinet (NASDAQ:FTNT) traded down 2.26% during mid-day trading on Tuesday, hitting $34.20. The stock had a trading volume of 1,438,202 shares. The company has a market capitalization of $5.91 billion, a P/E ratio of 924.32 and a beta of 1.62. The stock’s 50-day moving average is $36.00 and its 200 day moving average is $33.64. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.11 EPS. Equities analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
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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