Fortinet Inc. (FTNT) Given Consensus Rating of “Buy” by Analysts
Fortinet Inc. (NASDAQ:FTNT) has received a consensus rating of “Buy” from the twenty-seven research firms that are presently covering the company. One investment analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, seventeen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $39.50.
Several analysts have weighed in on FTNT shares. Zacks Investment Research lowered Fortinet from a “hold” rating to a “strong sell” rating in a report on Monday, July 18th. Pacific Crest raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a report on Tuesday, August 30th. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of Fortinet in a report on Monday, August 1st. Wells Fargo & Co. reissued a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Finally, Citigroup Inc. lowered their target price on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th.
Shares of Fortinet (NASDAQ:FTNT) traded down 2.26% during mid-day trading on Tuesday, reaching $34.20. 1,438,202 shares of the company traded hands. The company’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. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of 924.32 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. The firm earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. Fortinet’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 earnings per share. On average, equities analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, VP John Whittle sold 13,663 shares of Fortinet stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $35.00, for a total transaction of $478,205.00. Following the sale, the vice president now directly owns 18,969 shares in the company, valued at approximately $663,915. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total value of $832,676.00. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
A number of large investors have recently bought and sold shares of FTNT. PNC Financial Services Group Inc. raised its position in shares of Fortinet by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 14,891 shares of the company’s stock valued at $471,000 after buying an additional 59 shares during the last quarter. Shelton Capital Management raised its position in shares of Fortinet by 0.8% in the second quarter. Shelton Capital Management now owns 13,366 shares of the company’s stock valued at $422,000 after buying an additional 100 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Fortinet by 0.5% in the second quarter. Brown Advisory Inc. now owns 20,209 shares of the company’s stock valued at $638,000 after buying an additional 106 shares during the last quarter. Ranger Investment Management L.P. raised its position in shares of Fortinet by 1.3% in the second quarter. Ranger Investment Management L.P. now owns 8,350 shares of the company’s stock valued at $264,000 after buying an additional 110 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the last quarter. Institutional investors own 70.65% of the company’s stock.
Fortinet Company Profile
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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