Fortinet Inc (NASDAQ:FTNT) has been assigned an average recommendation of “Buy” from the twenty-eight analysts that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, fourteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $49.00.
A number of research analysts have recently weighed in on FTNT shares. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Monday. Robert W. Baird lifted their price objective on Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 11th. Credit Suisse Group lifted their price objective on Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a research report on Tuesday, February 6th. Barclays cut Fortinet from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $45.00 to $48.00 in a research report on Tuesday, January 9th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Fortinet in a research report on Friday, January 26th.
In related news, VP Michael Xie sold 19,790 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $45.30, for a total transaction of $896,487.00. Following the sale, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $325,299.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 13,749 shares of Fortinet stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total value of $618,705.00. Following the sale, the vice president now directly owns 18,430 shares in the company, valued at approximately $829,350. The disclosure for this sale can be found here. Insiders have sold a total of 169,939 shares of company stock worth $7,733,246 in the last three months. 16.40% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in Fortinet by 0.5% in the 4th quarter. Renaissance Technologies LLC now owns 4,418,500 shares of the software maker’s stock worth $193,044,000 after acquiring an additional 22,700 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Fortinet by 7.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock worth $157,693,000 after acquiring an additional 288,097 shares during the last quarter. Clearbridge Investments LLC increased its stake in Fortinet by 0.6% in the 4th quarter. Clearbridge Investments LLC now owns 3,785,633 shares of the software maker’s stock worth $165,394,000 after acquiring an additional 24,088 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Fortinet by 8.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock worth $134,472,000 after acquiring an additional 296,648 shares during the last quarter. Finally, Global Thematic Partners LLC increased its stake in Fortinet by 16.9% in the 4th quarter. Global Thematic Partners LLC now owns 1,379,731 shares of the software maker’s stock worth $60,280,000 after acquiring an additional 199,227 shares during the last quarter. 68.77% of the stock is currently owned by institutional investors and hedge funds.
Fortinet (NASDAQ:FTNT) traded down $0.18 during trading on Friday, hitting $54.00. The company had a trading volume of 2,262,551 shares, compared to its average volume of 1,808,583. Fortinet has a 12 month low of $35.44 and a 12 month high of $54.97. The stock has a market capitalization of $9,164.04, a PE ratio of 317.65, a PEG ratio of 4.38 and a beta of 0.73.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. The business had revenue of $416.70 million for the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the firm posted $0.30 earnings per share. equities analysts expect that Fortinet will post 0.74 EPS for the current year.
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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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