Fortinet Inc (NASDAQ:FTNT) has been given an average rating of “Hold” by the twenty-eight ratings firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $74.75.

Several equities analysts recently issued reports on the company. Oppenheimer raised their price target on Fortinet from $82.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 26th. Goldman Sachs Group set a $95.00 price target on Fortinet and gave the stock a “buy” rating in a research report on Tuesday, September 25th. UBS Group lowered Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the stock from $80.00 to $90.00 in a research report on Tuesday, September 18th. They noted that the move was a valuation call. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. Finally, Bank of America lowered Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the stock from $77.00 to $95.00 in a research report on Thursday, September 20th.

Shares of Fortinet stock traded down $2.91 during trading on Tuesday, hitting $78.19. 1,813,902 shares of the stock traded hands, compared to its average volume of 4,106,299. The firm has a market capitalization of $13.22 billion, a PE ratio of 104.25, a price-to-earnings-growth ratio of 4.84 and a beta of 0.63. Fortinet has a 52 week low of $37.15 and a 52 week high of $94.37.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, beating the consensus estimate of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm had revenue of $441.30 million for the quarter, compared to analyst estimates of $425.66 million. During the same period in the prior year, the company earned $0.27 EPS. The company’s revenue was up 21.4% on a year-over-year basis. On average, analysts expect that Fortinet will post 0.96 EPS for the current year.

In other Fortinet news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Monday, September 17th. The stock was sold at an average price of $88.65, for a total transaction of $110,812.50. Following the completion of the transaction, the vice president now owns 9,309 shares in the company, valued at $825,242.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ming Hsieh sold 7,015 shares of Fortinet stock in a transaction on Friday, September 7th. The shares were sold at an average price of $85.50, for a total value of $599,782.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,570 shares of company stock valued at $13,358,587. 17.70% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in FTNT. BlackRock Inc. increased its holdings in shares of Fortinet by 2.2% in the 2nd quarter. BlackRock Inc. now owns 14,157,545 shares of the software maker’s stock worth $883,856,000 after purchasing an additional 308,273 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Fortinet by 51.0% in the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after purchasing an additional 685,767 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its holdings in shares of Fortinet by 22.7% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,786,803 shares of the software maker’s stock worth $164,868,000 after purchasing an additional 330,288 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Fortinet by 4.9% in the 2nd quarter. Bank of America Corp DE now owns 1,652,926 shares of the software maker’s stock worth $103,192,000 after purchasing an additional 76,578 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in shares of Fortinet by 411.0% in the 2nd quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock worth $36,654,000 after purchasing an additional 1,102,708 shares in the last quarter. Institutional investors and hedge funds own 71.25% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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