Fortinet Inc. (FTNT) Upgraded to “Overweight” by Morgan Stanley
Morgan Stanley upgraded shares of Fortinet Inc. (NASDAQ:FTNT) from an equal weight rating to an overweight rating in a report released on Tuesday morning. Morgan Stanley currently has $39.00 target price on the stock, up from their previous target price of $33.00.
FTNT has been the subject of several other reports. Dougherty & Co decreased their target price on shares of Fortinet from $40.00 to $35.00 and set a buy rating for the company in a report on Wednesday, October 12th. Deutsche Bank AG reaffirmed a hold rating on shares of Fortinet in a report on Saturday, October 15th. Wells Fargo & Co. reaffirmed an outperform rating and issued a $37.00 target price (down from $43.50) on shares of Fortinet in a report on Thursday, October 13th. Pacific Crest raised shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price for the company in a report on Tuesday, August 30th. Finally, Citigroup Inc. decreased their target price on shares of Fortinet from $35.00 to $31.00 and set a neutral rating for the company in a report on Wednesday, October 12th. Twelve equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Fortinet currently has a consensus rating of Buy and an average price target of $36.04.
Fortinet (NASDAQ:FTNT) traded up 0.81% during midday trading on Tuesday, reaching $32.42. 1,858,470 shares of the company’s stock traded hands. The firm’s 50-day moving average is $32.68 and its 200 day moving average is $33.77. The firm has a market cap of $5.61 billion, a PE ratio of 1246.92 and a beta of 1.31. Fortinet has a 52-week low of $23.16 and a 52-week high of $37.48.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 27th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.03. The business earned $316.60 million during the quarter, compared to analysts’ expectations of $314.33 million. Fortinet had a negative net margin of 0.09% and a positive return on equity of 1.36%. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 earnings per share. Equities research analysts expect that Fortinet will post $0.64 earnings per share for the current fiscal year.
In related news, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total value of $832,676.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Keith Jensen sold 1,300 shares of Fortinet stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $31.34, for a total transaction of $40,742.00. Following the completion of the sale, the insider now directly owns 1,224 shares in the company, valued at approximately $38,360.16. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in FTNT. UBS Asset Management Americas Inc. boosted its stake in Fortinet by 3.2% in the first quarter. UBS Asset Management Americas Inc. now owns 326,952 shares of the company’s stock worth $10,015,000 after buying an additional 10,179 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the period. AMP Capital Investors Ltd boosted its stake in shares of Fortinet by 86.3% in the first quarter. AMP Capital Investors Ltd now owns 116,465 shares of the company’s stock valued at $3,426,000 after buying an additional 53,958 shares during the period. Legal & General Group Plc boosted its stake in shares of Fortinet by 37.7% in the first quarter. Legal & General Group Plc now owns 74,603 shares of the company’s stock valued at $2,285,000 after buying an additional 20,443 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Fortinet by 92.4% in the first quarter. Envestnet Asset Management Inc. now owns 113,922 shares of the company’s stock valued at $3,489,000 after buying an additional 54,722 shares during the period. 71.08% of the stock is currently owned by hedge funds and other institutional investors.
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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