Shares of Fortinet Inc (NASDAQ:FTNT) have earned an average recommendation of “Buy” from the twenty-six ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $68.42.
FTNT has been the subject of a number of research analyst reports. Cleveland Research raised Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. Morgan Stanley set a $55.00 price objective on Fortinet and gave the stock a “hold” rating in a report on Friday, May 4th. Bank of America raised their price objective on Fortinet from $57.00 to $63.00 and gave the stock a “buy” rating in a report on Tuesday, April 24th. Credit Suisse Group raised their price objective on Fortinet from $37.00 to $43.00 and gave the stock an “underperform” rating in a report on Friday, May 4th. Finally, Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th.
In other news, VP Michael Xie sold 165,780 shares of Fortinet stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $73.43, for a total value of $12,173,225.40. Following the transaction, the vice president now directly owns 6,694,500 shares in the company, valued at approximately $491,577,135. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 3,424 shares of Fortinet stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $59.24, for a total value of $202,837.76. The disclosure for this sale can be found here. Insiders sold a total of 225,104 shares of company stock worth $15,792,461 over the last quarter. Company insiders own 17.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Fortinet by 61.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 17,675 shares of the software maker’s stock valued at $444,000 after acquiring an additional 6,738 shares during the period. ARP Americas LP grew its stake in Fortinet by 86.5% during the 2nd quarter. ARP Americas LP now owns 31,699 shares of the software maker’s stock worth $1,979,000 after buying an additional 14,700 shares during the last quarter. Boston Advisors LLC grew its stake in Fortinet by 4.0% during the 2nd quarter. Boston Advisors LLC now owns 462,752 shares of the software maker’s stock worth $28,890,000 after buying an additional 17,848 shares during the last quarter. Smithfield Trust Co. grew its stake in Fortinet by 4,071.4% during the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after buying an additional 2,850 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in Fortinet by 2.6% during the 1st quarter. Prudential Financial Inc. now owns 1,485,341 shares of the software maker’s stock worth $79,585,000 after buying an additional 37,826 shares during the last quarter. Institutional investors and hedge funds own 69.68% of the company’s stock.
Shares of FTNT stock traded up $0.74 on Thursday, reaching $75.29. 1,188,356 shares of the company’s stock were exchanged, compared to its average volume of 1,625,431. Fortinet has a 52 week low of $35.44 and a 52 week high of $75.78. The firm has a market capitalization of $12.61 billion, a P/E ratio of 144.79, a P/E/G ratio of 4.61 and a beta of 0.55.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm had revenue of $441.30 million during the quarter, compared to analyst estimates of $425.66 million. During the same period last year, the company earned $0.27 EPS. Fortinet’s quarterly revenue was up 21.4% compared to the same quarter last year. equities research analysts anticipate that Fortinet will post 0.96 earnings per share for the current fiscal year.
Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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