FBN Securities reiterated their outperform rating on shares of Fortinet (NASDAQ:FTNT) in a report published on Monday morning, The Fly reports.
Several other equities research analysts have also commented on FTNT. Credit Suisse Group upgraded Fortinet from an underperform rating to a neutral rating and upped their target price for the company from $79.00 to $95.00 in a research report on Friday. Evercore ISI set a $90.00 target price on Fortinet and gave the company a hold rating in a research report on Monday, November 4th. Deutsche Bank set a $97.00 target price on Fortinet and gave the company a hold rating in a research report on Friday, November 1st. Barclays set a $105.00 target price on Fortinet and gave the company a hold rating in a research report on Friday, November 1st. Finally, Piper Jaffray Companies initiated coverage on Fortinet in a research report on Friday, November 8th. They set an overweight rating and a $116.00 target price on the stock. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $102.30.
Shares of NASDAQ FTNT traded up $1.23 during trading on Monday, reaching $105.07. The company had a trading volume of 1,365,229 shares, compared to its average volume of 1,637,389. The company’s fifty day moving average price is $84.50 and its 200-day moving average price is $81.24. Fortinet has a 12 month low of $64.41 and a 12 month high of $105.52. The stock has a market cap of $17.37 billion, a P/E ratio of 92.98, a PEG ratio of 4.53 and a beta of 1.08.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, October 31st. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The firm had revenue of $547.50 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the company posted $0.49 EPS. The business’s revenue was up 20.6% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet will post 1.6 EPS for the current year.
In other news, VP Michael Xie sold 40,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares of the company’s stock, valued at $495,265,210.57. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total value of $650,640.00. Following the completion of the sale, the chief executive officer now directly owns 12,523,273 shares of the company’s stock, valued at $1,018,517,793.09. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,280 shares of company stock worth $5,003,840. Corporate insiders own 17.20% of the company’s stock.
Several institutional investors have recently modified their holdings of FTNT. Amundi Pioneer Asset Management Inc. raised its stake in shares of Fortinet by 5.4% in the first 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 during the last quarter. Woodstock Corp raised its stake in shares of Fortinet by 0.3% in the second quarter. Woodstock Corp now owns 82,911 shares of the software maker’s stock worth $6,370,000 after purchasing an additional 280 shares during the last quarter. New England Research & Management Inc. purchased a new stake in shares of Fortinet in the second quarter worth approximately $761,000. Valeo Financial Advisors LLC raised its stake in shares of Fortinet by 2,117.4% in the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after purchasing an additional 487 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Fortinet by 102.3% in the second quarter. Nisa Investment Advisors LLC now owns 19,797 shares of the software maker’s stock worth $1,521,000 after purchasing an additional 10,013 shares during the last quarter. 69.65% of the stock is owned by hedge funds and other institutional investors.
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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