Fortinet’s (FTNT) Buy Rating Reiterated at Colliers Securities

Colliers Securities reiterated their buy rating on shares of Fortinet (NASDAQ:FTNT) in a research report report published on Tuesday, Analyst Ratings Network reports. The brokerage currently has a $350.00 price objective on the software maker’s stock. Colliers Securities also issued estimates for Fortinet’s FY2022 earnings at $3.26 EPS.

Several other equities research analysts also recently issued reports on the company. Piper Sandler increased their price objective on Fortinet from $205.00 to $265.00 and gave the stock a neutral rating in a research note on Friday, July 9th. Royal Bank of Canada increased their price objective on Fortinet from $208.00 to $248.00 and gave the stock a sector perform rating in a research note on Friday, July 30th. BTIG Research increased their price objective on Fortinet from $305.00 to $345.00 and gave the stock a buy rating in a research note on Friday, August 13th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $242.00 to $250.00 and gave the stock a hold rating in a research note on Friday, July 30th. Finally, Barclays increased their price objective on Fortinet from $230.00 to $260.00 and gave the stock an equal weight rating in a research note on Thursday, July 15th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of Hold and a consensus price target of $246.30.

Shares of NASDAQ FTNT opened at $310.54 on Tuesday. Fortinet has a 12 month low of $106.75 and a 12 month high of $322.00. The company has a market cap of $50.72 billion, a price-to-earnings ratio of 100.17, a P/E/G ratio of 7.68 and a beta of 1.12. The company has a quick ratio of 1.88, a current ratio of 1.96 and a debt-to-equity ratio of 0.94. The business has a fifty day simple moving average of $296.74 and a 200-day simple moving average of $241.04.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, July 29th. The software maker reported $0.95 EPS for the quarter, beating the consensus estimate of $0.88 by $0.07. Fortinet had a return on equity of 49.90% and a net margin of 17.69%. The business had revenue of $801.10 million during the quarter, compared to the consensus estimate of $741.76 million. During the same period in the prior year, the business posted $0.82 earnings per share. As a group, sell-side analysts expect that Fortinet will post 2.84 EPS for the current fiscal year.

In other Fortinet news, VP John Whittle sold 2,411 shares of the firm’s stock in a transaction that occurred on Tuesday, September 21st. The stock was sold at an average price of $302.00, for a total value of $728,122.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 7,992 shares of the firm’s stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $301.31, for a total value of $2,408,069.52. Following the completion of the sale, the chief financial officer now directly owns 3,342 shares in the company, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,491 shares of company stock worth $15,774,137. 18.60% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in FTNT. Amundi Pioneer Asset Management Inc. grew 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 purchasing an additional 2,678 shares in the last quarter. M&T Bank Corp grew its holdings in shares of Fortinet by 13.0% during the 1st quarter. M&T Bank Corp now owns 7,197 shares of the software maker’s stock worth $1,327,000 after purchasing an additional 828 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of Fortinet by 2.9% during the 1st quarter. Bank of Nova Scotia now owns 28,157 shares of the software maker’s stock worth $5,193,000 after purchasing an additional 805 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $340,000. Finally, Keybank National Association OH grew its holdings in shares of Fortinet by 4.3% during the 1st quarter. Keybank National Association OH now owns 3,848 shares of the software maker’s stock worth $710,000 after purchasing an additional 159 shares in the last quarter. 68.50% of the stock is currently owned by institutional investors.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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