Fortinet (NASDAQ:FTNT) Upgraded by DA Davidson to Buy


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Fortinet (NASDAQ:FTNT) was upgraded by DA Davidson from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Anlyst Ratings reports. The brokerage presently has a $170.00 price target on the software maker’s stock, up from their prior price target of $130.00. DA Davidson’s price objective would suggest a potential upside of 14.94% from the company’s previous close.

A number of other analysts have also recently weighed in on FTNT. Mizuho increased their target price on shares of Fortinet from $130.00 to $140.00 and gave the stock a “neutral” rating in a report on Wednesday, December 16th. Edward Jones began coverage on shares of Fortinet in a research note on Wednesday, December 9th. They set a “buy” rating on the stock. JPMorgan Chase & Co. downgraded Fortinet from a “neutral” rating to an “underweight” rating and set a $140.00 target price for the company. in a research note on Wednesday, December 9th. BidaskClub cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, January 7th. Finally, KeyCorp assumed coverage on Fortinet in a research report on Monday, November 23rd. They set a “sector weight” rating for the company. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $140.04.

Shares of Fortinet stock opened at $147.90 on Tuesday. The business has a 50-day moving average price of $138.11 and a 200 day moving average price of $129.18. Fortinet has a fifty-two week low of $70.20 and a fifty-two week high of $155.31. The firm has a market cap of $24.01 billion, a P/E ratio of 54.98, a P/E/G ratio of 4.53 and a beta of 1.10.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 29th. The software maker reported $0.88 EPS for the quarter, topping the consensus estimate of $0.78 by $0.10. The company had revenue of $651.10 million during the quarter, compared to analyst estimates of $639.62 million. Fortinet had a return on equity of 48.30% and a net margin of 18.50%. The business’s revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 EPS. On average, equities analysts anticipate that Fortinet will post 2.33 EPS for the current year.

In other Fortinet news, VP Michael Xie sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 24th. The shares were sold at an average price of $117.94, for a total value of $1,179,400.00. Following the sale, the vice president now directly owns 6,130,725 shares in the company, valued at $723,057,706.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John Whittle sold 18,155 shares of the company’s stock in a transaction dated Tuesday, December 22nd. The shares were sold at an average price of $150.00, for a total transaction of $2,723,250.00. Following the completion of the sale, the vice president now directly owns 12,408 shares of the company’s stock, valued at $1,861,200. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,686 shares of company stock valued at $4,999,532. Company insiders own 17.20% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in FTNT. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Fortinet by 5.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock worth $4,429,000 after buying an additional 2,678 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Fortinet by 2,512.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 304,430 shares of the software maker’s stock valued at $41,790,000 after acquiring an additional 292,777 shares during the period. FMR LLC increased its position in shares of Fortinet by 107.7% in the 2nd quarter. FMR LLC now owns 3,402,269 shares of the software maker’s stock valued at $467,029,000 after buying an additional 1,764,222 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Fortinet by 237.9% during the second quarter. Canada Pension Plan Investment Board now owns 29,283 shares of the software maker’s stock worth $4,020,000 after purchasing an additional 20,617 shares during the period. Finally, Captrust Financial Advisors raised its holdings in shares of Fortinet by 27.4% in the second quarter. Captrust Financial Advisors now owns 2,742 shares of the software maker’s stock valued at $382,000 after purchasing an additional 589 shares during the last quarter. 62.58% of the stock is owned by institutional investors and hedge funds.

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 (WAN) acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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