Other research analysts also recently issued research reports about the stock. Evercore ISI restated a hold rating and issued a $80.00 price target on shares of Fortinet in a research report on Tuesday, May 7th. BidaskClub upgraded shares of Westport Fuel Systems from a hold rating to a buy rating in a research report on Friday, July 12th. Zacks Investment Research downgraded shares of Glu Mobile from a buy rating to a hold rating in a research report on Tuesday, April 9th. Morgan Stanley boosted their price target on shares of from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the stock an equal weight rating in a research report on Tuesday, June 11th. Finally, Northland Securities restated a buy rating and issued a $100.00 price target on shares of Fortinet in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $85.54.
FTNT opened at $87.55 on Friday. Fortinet has a fifty-two week low of $62.27 and a fifty-two week high of $96.96. The company has a market cap of $14.95 billion, a price-to-earnings ratio of 77.48, a price-to-earnings-growth ratio of 4.44 and a beta of 1.09. The stock’s 50 day simple moving average is $78.47.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.26. The firm had revenue of $472.60 million for the quarter, compared to the consensus estimate of $471.90 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 EPS. As a group, analysts expect that Fortinet will post 1.31 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 on Wednesday, May 1st. The shares were sold at an average price of $92.44, for a total transaction of $115,550.00. Following the transaction, the vice president now owns 10,559 shares in the company, valued at $976,073.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the transaction, the vice president now owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. Insiders have sold a total of 64,513 shares of company stock worth $4,855,024 in the last quarter. 17.20% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legacy Advisors LLC acquired a new position in Fortinet during the first quarter worth $30,000. Bremer Bank National Association acquired a new position in Fortinet during the first quarter worth $44,000. Valeo Financial Advisors LLC grew its stake in shares of Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares in the last quarter. CX Institutional grew its stake in shares of Fortinet by 112.6% in the 1st quarter. CX Institutional now owns 778 shares of the software maker’s stock worth $65,000 after acquiring an additional 412 shares in the last quarter. Finally, Dubuque Bank & Trust Co. bought a new stake in shares of Fortinet in the 1st quarter worth $69,000. Hedge funds and other institutional investors own 73.22% of the company’s stock.
Fortinet Company Profile
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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