Fortinet Inc (NASDAQ:FTNT) has been given an average recommendation of “Hold” by the thirty-one brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $80.68.

FTNT has been the subject of several recent research reports. Goldman Sachs Group downgraded shares of Fortinet from a “buy” rating to a “sell” rating and decreased their target price for the stock from $95.00 to $59.00 in a research note on Friday, January 4th. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Oppenheimer decreased their target price on shares of Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday, February 6th. Finally, BMO Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $90.00 to $78.00 in a research note on Tuesday, January 22nd. They noted that the move was a valuation call.

In other Fortinet news, VP John Whittle sold 1,248 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $83.41, for a total value of $104,095.68. Following the completion of the transaction, the vice president now directly owns 9,308 shares of the company’s stock, valued at $776,380.28. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 9,124 shares of the stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $81.54, for a total transaction of $743,970.96. Following the completion of the transaction, the vice president now directly owns 6,460,100 shares of the company’s stock, valued at $526,756,554. The disclosure for this sale can be found here. Insiders have sold 196,499 shares of company stock valued at $16,309,857 over the last three months. 17.70% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Tarbox Family Office Inc. purchased a new position in Fortinet in the fourth quarter valued at about $25,000. Legacy Advisors LLC purchased a new position in Fortinet in the first quarter valued at about $30,000. Sun Life Financial INC purchased a new position in Fortinet in the fourth quarter valued at about $28,000. Guardian Life Insurance Co. of America purchased a new position in Fortinet in the fourth quarter valued at about $29,000. Finally, Bremer Trust National Association purchased a new position in Fortinet in the fourth quarter valued at about $33,000. 74.74% of the stock is owned by institutional investors.

Shares of FTNT opened at $95.22 on Tuesday. Fortinet has a fifty-two week low of $53.40 and a fifty-two week high of $95.59. The stock has a market cap of $15.30 billion, a PE ratio of 84.27, a price-to-earnings-growth ratio of 4.27 and a beta of 0.90.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.11. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The business had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. During the same quarter in the prior year, the firm earned $0.32 earnings per share. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. Research analysts expect that Fortinet will post 1.25 EPS for the current fiscal year.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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