Gabelli lowered shares of Fortinet (NASDAQ:FTNT) from a buy rating to a hold rating in a research note published on Thursday morning, MarketBeat Ratings reports.
Other equities analysts have also issued reports about the company. Goldman Sachs Group lowered Fortinet from a buy rating to a sell rating and decreased their price objective for the stock from $95.00 to $59.00 in a report on Friday, January 4th. Wedbush assumed coverage on Fortinet in a research report on Thursday, October 18th. They issued an outperform rating and a $100.00 target price for the company. BidaskClub upgraded Fortinet from a hold rating to a buy rating in a research report on Saturday, December 8th. BMO Capital Markets downgraded Fortinet from an outperform rating to a market perform rating and cut their target price for the stock from $90.00 to $78.00 in a research report on Tuesday, January 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research restated a buy rating and issued a $84.00 target price on shares of Fortinet in a research report on Tuesday, November 13th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $80.68.
Shares of FTNT stock opened at $81.02 on Thursday. Fortinet has a 12-month low of $44.54 and a 12-month high of $94.37. The company has a market capitalization of $13.80 billion, a P/E ratio of 71.70, a price-to-earnings-growth ratio of 4.22 and a beta of 0.90.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million during the quarter, compared to analyst estimates of $496.33 million. During the same period in the prior year, the company posted $0.32 EPS. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, analysts anticipate that Fortinet will post 1.15 earnings per share for the current fiscal year.
In other news, VP John Whittle sold 1,250 shares of the stock in a transaction on Friday, February 1st. The stock was sold at an average price of $78.20, for a total transaction of $97,750.00. Following the completion of the sale, the vice president now owns 10,559 shares in the company, valued at approximately $825,713.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 626 shares of the stock in a transaction on Monday, December 24th. The shares were sold at an average price of $65.00, for a total value of $40,690.00. Following the sale, the chief financial officer now owns 829 shares of the company’s stock, valued at approximately $53,885. The disclosure for this sale can be found here. Insiders have sold a total of 15,019 shares of company stock valued at $1,129,961 in the last quarter. Insiders own 17.70% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its holdings in shares of Fortinet by 3,990.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock valued at $47,000 after purchasing an additional 3,204,555 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in shares of Fortinet by 45.5% in the fourth quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock valued at $183,048,000 after purchasing an additional 812,206 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Fortinet by 51.8% in the third quarter. AQR Capital Management LLC now owns 2,263,905 shares of the software maker’s stock valued at $208,891,000 after purchasing an additional 772,344 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of Fortinet by 556.5% in the third quarter. Allianz Asset Management GmbH now owns 763,347 shares of the software maker’s stock worth $70,434,000 after acquiring an additional 647,069 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Fortinet by 75.6% in the third quarter. Janus Henderson Group PLC now owns 1,073,641 shares of the software maker’s stock worth $99,065,000 after acquiring an additional 462,176 shares during the last quarter. Institutional investors own 71.30% of the company’s stock.
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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