Analysts at Cleveland Research started coverage on shares of Fortinet (NASDAQ:FTNT) in a research note issued on Friday. The brokerage set a “neutral” rating on the software maker’s stock.
FTNT has been the subject of a number of other reports. UBS Group lifted their price target on shares of Fortinet from $64.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, May 21st. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Wednesday, May 2nd. Cowen downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 19th. They noted that the move was a valuation call. Citigroup boosted their target price on shares of Fortinet from $45.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, April 16th. Finally, Bank of America boosted their target price on shares of Fortinet from $64.00 to $70.00 and gave the company a “buy” rating in a report on Monday, June 11th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fortinet has a consensus rating of “Hold” and a consensus target price of $56.05.
Shares of Fortinet opened at $62.43 on Friday, according to Marketbeat Ratings. The stock has a market cap of $10.50 billion, a PE ratio of 120.06, a PEG ratio of 4.25 and a beta of 0.76. Fortinet has a 12 month low of $35.44 and a 12 month high of $66.32.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. The business had revenue of $399.00 million during the quarter, compared to the consensus estimate of $390.60 million. Fortinet had a net margin of 4.01% and a return on equity of 14.64%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. research analysts predict that Fortinet will post 0.88 EPS for the current year.
In other news, VP Michael Xie sold 3,780 shares of the business’s stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $56.02, for a total transaction of $211,755.60. Following the transaction, the vice president now directly owns 6,694,500 shares of the company’s stock, valued at $375,025,890. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 50,000 shares of the business’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $60.51, for a total transaction of $3,025,500.00. Following the transaction, the chief executive officer now directly owns 12,562,906 shares in the company, valued at $760,181,442.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,214 shares of company stock valued at $5,052,515. 17.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Three Peaks Capital Management LLC acquired a new position in shares of Fortinet during the first quarter worth $114,000. Synovus Financial Corp acquired a new position in shares of Fortinet during the first quarter worth $161,000. First Republic Investment Management Inc. acquired a new position in shares of Fortinet during the fourth quarter worth $208,000. Meeder Asset Management Inc. lifted its position in shares of Fortinet by 544.7% during the first quarter. Meeder Asset Management Inc. now owns 4,158 shares of the software maker’s stock worth $224,000 after purchasing an additional 3,513 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new position in shares of Fortinet during the first quarter worth $228,000. 69.12% of the stock is currently owned by institutional investors and hedge funds.
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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