Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by stock analysts at Oppenheimer in a report issued on Monday, AnalystRatings.com reports. They presently have a $160.00 price target on the software maker’s stock. Oppenheimer’s price target suggests a potential upside of 16.56% from the company’s previous close.

A number of other brokerages also recently commented on FTNT. BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, June 24th. UBS Group boosted their price objective on shares of Fortinet from $115.00 to $122.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. DA Davidson lifted their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Cowen reduced their target price on shares of Fortinet from $115.00 to $105.00 and set a “market perform” rating for the company in a research note on Tuesday, April 21st. Finally, Robert W. Baird lifted their target price on shares of Fortinet from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $123.88.

Shares of FTNT opened at $137.27 on Monday. The company’s 50 day moving average price is $138.48 and its 200 day moving average price is $115.43. Fortinet has a 52 week low of $70.20 and a 52 week high of $149.69. The company has a market capitalization of $21.58 billion, a PE ratio of 64.14, a PEG ratio of 4.98 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. Fortinet had a net margin of 16.44% and a return on equity of 32.91%. The firm had revenue of $576.90 million for the quarter, compared to the consensus estimate of $554.22 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. As a group, equities analysts predict that Fortinet will post 1.93 earnings per share for the current year.

In other Fortinet news, Director Christopher B. Paisley sold 750 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $144.00, for a total value of $108,000.00. Following the sale, the director now owns 75,412 shares of the company’s stock, valued at approximately $10,859,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 2,835 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $105.63, for a total transaction of $299,461.05. Following the completion of the sale, the vice president now directly owns 6,168,500 shares in the company, valued at approximately $651,578,655. The disclosure for this sale can be found here. Insiders sold a total of 42,728 shares of company stock worth $5,900,055 in the last three months. Insiders own 18.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in FTNT. Norges Bank bought a new stake in Fortinet in the 4th quarter valued at $175,263,000. Renaissance Technologies LLC grew its holdings in shares of Fortinet by 35.5% in the 4th quarter. Renaissance Technologies LLC now owns 5,750,888 shares of the software maker’s stock worth $613,965,000 after purchasing an additional 1,506,488 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Fortinet by 186.2% in the 1st quarter. Deutsche Bank AG now owns 1,057,446 shares of the software maker’s stock worth $106,981,000 after purchasing an additional 688,012 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in shares of Fortinet in the 4th quarter worth about $59,547,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Fortinet by 752.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 638,966 shares of the software maker’s stock worth $64,644,000 after purchasing an additional 563,973 shares during the last quarter. 72.10% of the stock is currently owned by hedge funds and other institutional investors.

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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