Fortinet (NASDAQ:FTNT) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Fortinet (NASDAQ:FTNTGet Rating) from a hold rating to a buy rating in a report published on Tuesday morning.

A number of other equities analysts have also recently issued reports on FTNT. KeyCorp dropped their target price on Fortinet from $82.00 to $70.60 in a report on Wednesday, May 11th. Citigroup decreased their price target on Fortinet from $81.00 to $78.00 and set a buy rating on the stock in a research report on Friday, July 22nd. Oppenheimer decreased their price target on Fortinet to $80.00 and set an outperform rating on the stock in a research report on Tuesday, June 28th. BMO Capital Markets upgraded Fortinet from a market perform rating to an outperform rating and set a $70.00 price target on the stock in a research report on Tuesday, June 28th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Fortinet from $64.00 to $60.00 in a research report on Wednesday, May 11th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $72.01.

Fortinet Trading Up 1.5 %

Fortinet stock opened at $53.39 on Tuesday. Fortinet has a 12 month low of $48.73 and a 12 month high of $74.35. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 4.24. The business has a 50 day moving average price of $62.78 and a two-hundred day moving average price of $61.86. The stock has a market cap of $42.85 billion, a price-to-earnings ratio of 65.91, a price-to-earnings-growth ratio of 4.57 and a beta of 1.14.

Fortinet (NASDAQ:FTNTGet Rating) last issued its earnings results on Wednesday, May 4th. The software maker reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.07. Fortinet had a return on equity of 79.59% and a net margin of 17.66%. The business had revenue of $954.80 million during the quarter, compared to analysts’ expectations of $886.45 million. During the same period in the prior year, the firm posted $0.11 EPS. Fortinet’s quarterly revenue was up 34.4% compared to the same quarter last year. As a group, equities analysts forecast that Fortinet will post 0.76 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 1,653 shares of Fortinet stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $248.85, for a total value of $411,349.05. Following the sale, the vice president now owns 5,954,424 shares of the company’s stock, valued at approximately $1,481,758,412.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Michael Xie sold 1,653 shares of the firm’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $248.85, for a total value of $411,349.05. Following the completion of the transaction, the vice president now owns 5,954,424 shares in the company, valued at approximately $1,481,758,412.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 7,888 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $284.10, for a total value of $2,240,980.80. Following the completion of the transaction, the chief financial officer now owns 883 shares of the company’s stock, valued at approximately $250,860.30. The disclosure for this sale can be found here. Insiders have sold 19,132 shares of company stock valued at $3,528,902 in the last 90 days. 18.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently made changes to their positions in FTNT. Rise Advisors LLC bought a new stake in shares of Fortinet during the fourth quarter worth approximately $25,000. GW&K Investment Management LLC bought a new stake in shares of Fortinet during the first quarter worth approximately $25,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet during the first quarter worth approximately $26,000. American National Bank boosted its holdings in shares of Fortinet by 275.0% during the second quarter. American National Bank now owns 465 shares of the software maker’s stock worth $26,000 after acquiring an additional 341 shares during the period. Finally, Strategic Asset Management LLC boosted its holdings in shares of Fortinet by 400.0% during the second quarter. Strategic Asset Management LLC now owns 500 shares of the software maker’s stock worth $28,000 after acquiring an additional 400 shares during the period. Institutional investors own 67.47% of the company’s stock.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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