Several other analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Fortinet from a strong-buy rating to a hold rating in a research report on Tuesday, April 9th. Mizuho began coverage on shares of Fortinet in a research report on Tuesday, March 26th. They set a neutral rating and a $90.00 target price on the stock. First Analysis upgraded shares of Fortinet from a neutral rating to an outperform rating and upped their target price for the company from $80.00 to $92.00 in a research report on Friday, February 8th. Credit Suisse Group upped their price target on shares of Fortinet from $60.00 to $70.00 and gave the company an underperform rating in a report on Thursday, February 7th. Finally, Oppenheimer upped their price target on shares of Fortinet from $88.00 to $97.00 and gave the company an outperform rating in a report on Thursday, February 7th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $82.26.
Shares of NASDAQ FTNT opened at $94.05 on Friday. The stock has a market cap of $15.82 billion, a PE ratio of 83.23, a price-to-earnings-growth ratio of 4.77 and a beta of 0.91. Fortinet has a 12-month low of $53.40 and a 12-month high of $96.96.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS. As a group, sell-side analysts anticipate that Fortinet will post 1.25 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle sold 1,250 shares of the company’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $78.20, for a total value of $97,750.00. Following the transaction, the vice president now directly owns 10,559 shares in the company, valued at approximately $825,713.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 11,251 shares of the company’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $86.95, for a total transaction of $978,274.45. Following the completion of the transaction, the chief financial officer now owns 10,669 shares in the company, valued at $927,669.55. The disclosure for this sale can be found here. Insiders sold a total of 196,499 shares of company stock worth $16,309,857 over the last 90 days. Insiders own 17.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Sumitomo Mitsui Asset Management Company LTD grew its stake in Fortinet by 1.6% in the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock worth $672,000 after acquiring an additional 150 shares in the last quarter. Reliance Trust Co. of Delaware grew its stake in Fortinet by 4.8% in the 4th quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock worth $307,000 after acquiring an additional 200 shares in the last quarter. Utah Retirement Systems grew its stake in Fortinet by 0.8% in the 4th quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock worth $1,830,000 after acquiring an additional 200 shares in the last quarter. IFM Investors Pty Ltd grew its stake in Fortinet by 2.4% in the 4th quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock worth $631,000 after acquiring an additional 208 shares in the last quarter. Finally, Brown Advisory Inc. grew its stake in Fortinet by 1.1% in the 4th quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock worth $1,453,000 after acquiring an additional 228 shares in the last quarter. Institutional investors and hedge funds own 74.75% of the company’s stock.
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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