Robert W. Baird set a $100.00 price objective on Fortinet (NASDAQ:FTNT) in a research note published on Sunday morning, AnalystRatings.com reports. The firm currently has a hold rating on the software maker’s stock.
Several other research firms also recently commented on FTNT. JPMorgan Chase & Co. upgraded shares of Fortinet from a neutral rating to an overweight rating and set a $93.00 price objective for the company in a research note on Monday, June 24th. Monness Crespi & Hardt reissued a buy rating and set a $102.00 target price (up previously from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Morgan Stanley raised their target price on shares of Fortinet from $77.00 to $79.00 and gave the stock an equal weight rating in a report on Friday, August 2nd. Bank of America raised shares of Fortinet from a neutral rating to a buy rating in a report on Friday, August 2nd. Finally, ValuEngine cut shares of Fortinet from a buy rating to a hold rating in a report on Monday, July 29th. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $87.86.
NASDAQ:FTNT opened at $78.88 on Friday. Fortinet has a 12 month low of $64.41 and a 12 month high of $96.96. The firm has a fifty day simple moving average of $80.77 and a 200-day simple moving average of $82.29. The company has a market capitalization of $13.36 billion, a P/E ratio of 69.81, a PEG ratio of 3.53 and a beta of 1.09.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The business had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the firm posted $0.41 earnings per share. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. As a group, research analysts forecast that Fortinet will post 1.43 earnings per share for the current fiscal year.
In other Fortinet news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the transaction, the vice president now owns 6,338,989 shares of the company’s stock, valued at $495,265,210.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total transaction of $80,720.00. Following the completion of the transaction, the director now directly owns 75,213 shares of the company’s stock, valued at approximately $6,071,193.36. The disclosure for this sale can be found here. Insiders sold 49,000 shares of company stock valued at $3,856,560 in the last ninety days. 17.20% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Park West Asset Management LLC grew its position in shares of Fortinet by 184.0% in the second quarter. Park West Asset Management LLC now owns 669,958 shares of the software maker’s stock valued at $51,473,000 after purchasing an additional 434,076 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Fortinet by 6.5% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 117,035 shares of the software maker’s stock valued at $8,992,000 after purchasing an additional 7,176 shares during the period. Front Row Advisors LLC grew its position in shares of Fortinet by 6.4% in the second quarter. Front Row Advisors LLC now owns 19,650 shares of the software maker’s stock valued at $1,510,000 after purchasing an additional 1,183 shares during the period. Rehmann Capital Advisory Group grew its position in shares of Fortinet by 27.1% in the second quarter. Rehmann Capital Advisory Group now owns 1,869 shares of the software maker’s stock valued at $144,000 after purchasing an additional 398 shares during the period. Finally, Atria Investments LLC grew its position in shares of Fortinet by 4.7% in the second quarter. Atria Investments LLC now owns 17,646 shares of the software maker’s stock valued at $1,435,000 after purchasing an additional 785 shares during the period. 70.48% of the stock is owned by institutional investors.
Fortinet Company Profile
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.
Further Reading: Neutral Rating
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