Robert W. Baird restated their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a report issued on Thursday morning.

A number of other equities research analysts have also commented on the company. Goldman Sachs Group set a $95.00 target price on Fortinet and gave the company a buy rating in a research report on Tuesday, September 25th. BidaskClub upgraded Fortinet from a buy rating to a strong-buy rating in a research report on Tuesday, August 14th. UBS Group lowered Fortinet from a buy rating to a neutral rating and upped their target price for the company from $80.00 to $90.00 in a research report on Tuesday, September 18th. They noted that the move was a valuation call. Bank of America lowered Fortinet from a buy rating to a neutral rating and upped their target price for the company from $77.00 to $95.00 in a research report on Thursday, September 20th. Finally, Oppenheimer upped their target price on Fortinet from $82.00 to $97.00 and gave the company an outperform rating in a research report on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Fortinet currently has an average rating of Hold and a consensus price target of $72.59.

Shares of FTNT stock opened at $81.20 on Thursday. Fortinet has a fifty-two week low of $37.15 and a fifty-two week high of $94.37. The stock has a market cap of $13.73 billion, a PE ratio of 108.27, a price-to-earnings-growth ratio of 5.03 and a beta of 0.63.

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

In other Fortinet news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $62.23, for a total value of $77,787.50. Following the completion of the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at $579,299.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction that occurred 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. Insiders sold 180,570 shares of company stock valued at $13,358,587 over the last three months. 17.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in FTNT. Smithfield Trust Co. lifted its holdings in Fortinet by 4,071.4% in the second quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock valued at $182,000 after acquiring an additional 2,850 shares during the period. TD Asset Management Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $208,000. Tocqueville Asset Management L.P. acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $221,000. Keybank National Association OH acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $222,000. Finally, SeaCrest Wealth Management LLC raised its stake in shares of Fortinet by 44.4% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 3,740 shares of the software maker’s stock worth $233,000 after buying an additional 1,150 shares during the period. 71.25% of the stock is owned by institutional investors.

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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