Fortinet Inc (NASDAQ:FTNT) Receives Average Recommendation of “Hold” from Analysts

Shares of Fortinet Inc (NASDAQ:FTNT) have been assigned an average rating of “Hold” from the twenty-eight ratings firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eleven have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $102.52.

Several equities research analysts have commented on FTNT shares. BMO Capital Markets upped their target price on shares of Fortinet to $115.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Evercore ISI set a $90.00 target price on shares of Fortinet and gave the company a “hold” rating in a research note on Monday, November 4th. Monness Crespi & Hardt upped their target price on shares of Fortinet from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Cowen upped their target price on shares of Fortinet from $88.00 to $105.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada reaffirmed a “neutral” rating and issued a $109.00 target price (up previously from $100.00) on shares of Fortinet in a research note on Tuesday, November 19th.

Shares of FTNT traded down $1.19 on Wednesday, reaching $103.92. 1,145,748 shares of the company’s stock were exchanged, compared to its average volume of 1,624,211. The stock has a market capitalization of $17.98 billion, a P/E ratio of 91.96, a price-to-earnings-growth ratio of 4.65 and a beta of 1.16. The business has a 50 day moving average price of $90.48 and a two-hundred day moving average price of $82.26. Fortinet has a 12 month low of $64.41 and a 12 month high of $106.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.11. The business had revenue of $547.50 million during the quarter, compared to the consensus estimate of $533.55 million. Fortinet had a net margin of 19.23% and a return on equity of 25.46%. Fortinet’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share. As a group, equities analysts forecast that Fortinet will post 1.62 EPS for the current fiscal year.

In related news, Director Christopher B. Paisley sold 750 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $104.43, for a total transaction of $78,322.50. Following the completion of the transaction, the director now owns 75,279 shares in the company, valued at $7,861,385.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Whittle sold 2,465 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $103.57, for a total transaction of $255,300.05. Following the transaction, the executive vice president now owns 9,309 shares of the company’s stock, valued at approximately $964,133.13. The disclosure for this sale can be found here. Insiders sold 55,495 shares of company stock valued at $4,686,823 in the last quarter. Corporate insiders own 17.20% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in FTNT. Amundi Pioneer Asset Management Inc. boosted its holdings in Fortinet by 5.4% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock worth $4,429,000 after purchasing an additional 2,678 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Fortinet by 102.3% in the second quarter. Nisa Investment Advisors LLC now owns 19,797 shares of the software maker’s stock valued at $1,521,000 after acquiring an additional 10,013 shares during the last quarter. NEXT Financial Group Inc lifted its stake in Fortinet by 228.1% in the second quarter. NEXT Financial Group Inc now owns 1,772 shares of the software maker’s stock valued at $136,000 after acquiring an additional 1,232 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in Fortinet by 5.0% in the second quarter. Gateway Investment Advisers LLC now owns 96,515 shares of the software maker’s stock valued at $7,415,000 after acquiring an additional 4,607 shares during the last quarter. Finally, CX Institutional lifted its stake in Fortinet by 38.2% in the second quarter. CX Institutional now owns 1,075 shares of the software maker’s stock valued at $83,000 after acquiring an additional 297 shares during the last quarter. Institutional investors and hedge funds own 69.94% of the company’s stock.

Fortinet Company Profile

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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