Fortinet (NASDAQ:FTNT) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.
Other equities research analysts also recently issued reports about the stock. Monness Crespi & Hardt upped their price target on shares of Fortinet from $76.00 to $91.00 and gave the company a “buy” rating in a report on Friday. Citigroup upped their price target on shares of Fortinet from $71.00 to $84.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $76.00 to $93.00 and gave the company a “neutral” rating in a report on Friday. BMO Capital Markets upped their price target on shares of Fortinet from $76.00 to $90.00 and gave the company an “outperform” rating in a report on Friday. Finally, Royal Bank of Canada upped their price target on shares of Fortinet to $76.00 and gave the company a “sector perform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $77.29.
FTNT stock traded down $11.13 during trading on Friday, hitting $72.56. The company had a trading volume of 5,702,306 shares, compared to its average volume of 1,874,971. The company has a market capitalization of $13.35 billion, a P/E ratio of 139.54, a PEG ratio of 4.89 and a beta of 0.63. Fortinet has a fifty-two week low of $38.50 and a fifty-two week high of $94.37.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.04. The business had revenue of $453.90 million during the quarter, compared to the consensus estimate of $450.84 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.28 earnings per share. On average, sell-side analysts expect that Fortinet will post 0.96 EPS for the current fiscal year.
In other Fortinet news, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $85.50, for a total transaction of $599,782.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 2,150 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total value of $156,885.50. Following the sale, the chief financial officer now owns 585 shares in the company, valued at approximately $42,687.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,540 shares of company stock worth $1,107,574. Corporate insiders own 17.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Financial Architects Inc acquired a new stake in Fortinet during the 3rd quarter worth about $116,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Fortinet by 379.0% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,619 shares of the software maker’s stock worth $149,000 after buying an additional 1,281 shares during the period. Smithfield Trust Co. raised its holdings in Fortinet by 4,071.4% during the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after buying an additional 2,850 shares during the period. Alpha Cubed Investments LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at about $203,000. Finally, TD Asset Management Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at about $208,000. Hedge funds and other institutional investors own 71.48% 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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