Raymond James upgraded shares of Fortinet (NASDAQ:FTNT) from a market perform rating to an outperform rating in a research note released on Tuesday morning.

Several other brokerages have also issued reports on FTNT. Oppenheimer boosted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company an outperform rating in a report on Wednesday, September 26th. Goldman Sachs Group set a $95.00 price target on shares of Fortinet and gave the company a buy rating in a report on Tuesday, September 25th. UBS Group lowered shares of Fortinet from a buy rating to a neutral rating and boosted their price target for the company from $80.00 to $90.00 in a report on Tuesday, September 18th. They noted that the move was a valuation call. BidaskClub lowered shares of Fortinet from a strong-buy rating to a buy rating in a report on Thursday, September 20th. Finally, Bank of America lowered shares of Fortinet from a buy rating to a neutral rating and boosted their price target for the company from $77.00 to $95.00 in a report on Thursday, September 20th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $78.77.

Fortinet stock traded up $1.64 on Tuesday, hitting $68.68. The company’s stock had a trading volume of 8,704 shares, compared to its average volume of 2,303,129. The firm has a market capitalization of $11.55 billion, a PE ratio of 131.14, a price-to-earnings-growth ratio of 3.96 and a beta of 0.81. Fortinet has a one year low of $40.50 and a one year high of $94.37.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The firm had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 EPS. As a group, sell-side analysts forecast that Fortinet will post 1.02 EPS for the current year.

In other news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $88.65, for a total value of $110,812.50. Following the sale, the vice president now owns 9,309 shares in the company, valued at approximately $825,242.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $85.50, for a total transaction of $599,782.50. The disclosure for this sale can be found here. Insiders sold a total of 91,730 shares of company stock worth $7,458,480 in the last 90 days. 17.70% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Natixis lifted its position in Fortinet by 410.0% during the 2nd quarter. Natixis now owns 246,585 shares of the software maker’s stock worth $15,394,000 after buying an additional 198,238 shares in the last quarter. DE Burlo Group Inc. lifted its position in Fortinet by 339.1% during the 2nd quarter. DE Burlo Group Inc. now owns 140,500 shares of the software maker’s stock worth $8,771,000 after buying an additional 108,500 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in Fortinet during the 2nd quarter worth about $3,777,000. Point72 Asset Management L.P. acquired a new position in Fortinet during the 2nd quarter worth about $2,759,000. Finally, First Republic Investment Management Inc. acquired a new position in Fortinet during the 2nd quarter worth about $358,000. Institutional investors own 70.74% 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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