Fortinet Inc. (FTNT) Receives $36.21 Consensus PT from Brokerages
Shares of Fortinet Inc. (NASDAQ:FTNT) have been given an average rating of “Buy” by the thirty brokerages that are presently covering the stock. Twelve analysts have rated the stock with a hold recommendation and eighteen have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $36.21.
FTNT has been the topic of a number of analyst reports. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research note on Tuesday, September 20th. Wunderlich assumed coverage on shares of Fortinet in a report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price target on the stock. Morgan Stanley upgraded shares of Fortinet from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $33.00 to $39.00 in a report on Tuesday. Nomura reduced their price target on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, October 12th. Finally, First Analysis assumed coverage on shares of Fortinet in a report on Friday, October 21st. They issued an “equal weight” rating and a $32.00 price target on the stock.
Shares of Fortinet (NASDAQ:FTNT) opened at 31.64 on Tuesday. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 1216.92 and a beta of 1.31. Fortinet has a 52-week low of $23.16 and a 52-week high of $37.48. The firm’s 50-day moving average is $32.45 and its 200 day moving average is $33.75.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, October 27th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.03. Fortinet had a negative net margin of 0.09% and a positive return on equity of 1.36%. The company had revenue of $316.60 million for the quarter, compared to analysts’ expectations of $314.33 million. During the same quarter in the previous year, the company earned $0.14 EPS. Fortinet’s revenue for the quarter was up 21.7% on a year-over-year basis. Equities analysts expect that Fortinet will post $0.64 EPS for the current year.
In other Fortinet news, insider Keith Jensen sold 1,300 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 1,224 shares in the company, valued at approximately $38,360.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ming Hsieh sold 23,900 shares of the company’s 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. Company insiders own 16.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 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 worth $106,000 after buying an additional 123 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Fortinet by 11.3% in the third quarter. Daiwa Securities Group Inc. now owns 3,450 shares of the company’s stock worth $127,000 after buying an additional 350 shares during the last quarter. Nordea Investment Management AB raised its stake in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares during the last quarter. Riverhead Capital Management LLC raised its stake in Fortinet by 78.7% in the third quarter. Riverhead Capital Management LLC now owns 4,600 shares of the company’s stock worth $170,000 after buying an additional 2,026 shares during the last quarter. Finally, Advisor Group Inc. acquired a new stake in Fortinet during the second quarter worth $152,000. Institutional investors and hedge funds own 71.08% 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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