Fortinet (NASDAQ:FTNT) had its target price hoisted by UBS from $60.00 to $62.00 in a research note issued to investors on Wednesday morning. UBS currently has a buy rating on the software maker’s stock.
Several other equities analysts have also commented on the stock. Robert W. Baird raised their target price on shares of Fortinet from $50.00 to $56.00 and gave the company an outperform rating in a report on Thursday, January 11th. BidaskClub lowered shares of Fortinet from a strong-buy rating to a buy rating in a report on Thursday, December 7th. JMP Securities raised their target price on shares of Fortinet from $41.00 to $54.00 and gave the company a market outperform rating in a report on Friday, January 26th. JPMorgan Chase & Co. lowered shares of Fortinet from an overweight rating to a neutral rating and set a $50.00 target price on the stock. in a report on Tuesday, December 12th. Finally, Morgan Stanley raised their target price on shares of Fortinet from $51.00 to $53.00 and gave the company an overweight rating in a report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Fortinet currently has an average rating of Buy and a consensus price target of $49.58.
FTNT stock opened at $53.99 on Wednesday. Fortinet has a 1-year low of $35.44 and a 1-year high of $55.18. The company has a market cap of $9,036.34, a PE ratio of 321.00, a price-to-earnings-growth ratio of 4.32 and a beta of 0.73.
Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, beating the consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The firm had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. During the same period last year, the firm earned $0.30 EPS. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. equities analysts anticipate that Fortinet will post 0.74 EPS for the current year.
In related news, VP John Whittle sold 11,728 shares of Fortinet stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $44.81, for a total transaction of $525,531.68. Following the sale, the vice president now directly owns 7,181 shares in the company, valued at approximately $321,780.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $46.71, for a total transaction of $186,840.00. Following the sale, the director now owns 72,937 shares in the company, valued at $3,406,887.27. The disclosure for this sale can be found here. Insiders have sold a total of 156,190 shares of company stock worth $7,114,541 over the last ninety days. 17.00% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. SeaCrest Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $109,000. Cerebellum GP LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $125,000. First Mercantile Trust Co. acquired a new stake in Fortinet during the 4th quarter worth approximately $135,000. First Republic Investment Management Inc. acquired a new stake in Fortinet during the 4th quarter worth approximately $208,000. Finally, Ropes Wealth Advisors LLC boosted its position in Fortinet by 28.7% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after buying an additional 1,325 shares during the period. Institutional investors and hedge funds own 68.73% of the company’s stock.
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Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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