Fortinet (NASDAQ:FTNT) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of Fortinet (NASDAQ:FTNT) from a sell rating to a hold rating in a report released on Thursday morning, BidAskClub reports.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley cut their target price on shares of Fortinet from $84.00 to $77.00 and set an equal weight rating on the stock in a research note on Tuesday. ValuEngine lowered shares of Fortinet from a buy rating to a hold rating in a research note on Wednesday, May 29th. Cowen assumed coverage on shares of Fortinet in a research note on Thursday, May 23rd. They set a market perform rating and a $85.00 price objective on the stock. Evercore ISI reissued a hold rating and set a $80.00 price objective on shares of Fortinet in a research note on Tuesday, May 7th. Finally, Monness Crespi & Hardt reissued a buy rating and set a $97.00 price objective (up previously from $95.00) on shares of Fortinet in a research note on Friday, May 3rd. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $85.54.

Shares of Fortinet stock traded up $0.20 on Thursday, hitting $76.81. 13,907 shares of the company traded hands, compared to its average volume of 1,486,285. The stock has a market cap of $13.15 billion, a P/E ratio of 67.80, a price-to-earnings-growth ratio of 3.91 and a beta of 1.13. Fortinet has a 12-month low of $61.08 and a 12-month high of $96.96.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.26. The firm had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.33 EPS. On average, equities research analysts forecast that Fortinet will post 1.31 EPS for the current year.

In other news, VP John Whittle sold 1,248 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $83.41, for a total value of $104,095.68. Following the sale, the vice president now directly owns 9,308 shares in the company, valued at approximately $776,380.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the sale, the vice president now owns 6,388,548 shares in the company, valued at $449,945,435.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,511 shares of company stock worth $4,865,082. 17.70% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Sun Life Financial INC purchased a new stake in Fortinet in the 4th quarter valued at about $28,000. Guardian Life Insurance Co. of America purchased a new stake in Fortinet during the fourth quarter worth about $29,000. Legacy Advisors LLC purchased a new stake in Fortinet during the first quarter worth about $30,000. Bremer Trust National Association purchased a new stake in Fortinet during the fourth quarter worth about $33,000. Finally, Bremer Bank National Association purchased a new stake in shares of Fortinet during the first quarter worth approximately $44,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

About Fortinet

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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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