Fortinet Inc (NASDAQ:FTNT) has been assigned a consensus rating of “Hold” from the twenty-eight analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, fourteen have given a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $106.86.
Several analysts have commented on FTNT shares. Wedbush raised their price objective on Fortinet from $110.00 to $130.00 in a report on Tuesday, November 19th. Barclays raised their price objective on Fortinet from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Oppenheimer raised their price objective on Fortinet from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Royal Bank of Canada reissued a “neutral” rating and issued a $109.00 price objective (up from $100.00) on shares of Fortinet in a report on Tuesday, November 19th. Finally, Piper Jaffray Companies began coverage on Fortinet in a research note on Friday, November 8th. They issued an “overweight” rating and a $116.00 price target on the stock.
Shares of NASDAQ:FTNT traded down $1.60 during trading on Thursday, hitting $117.49. The stock had a trading volume of 1,107,447 shares, compared to its average volume of 869,723. The stock has a market capitalization of $20.37 billion, a price-to-earnings ratio of 51.99, a price-to-earnings-growth ratio of 4.85 and a beta of 1.18. Fortinet has a 12-month low of $68.15 and a 12-month high of $119.50. The stock has a 50-day simple moving average of $108.54 and a two-hundred day simple moving average of $90.03.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 31st. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.56 by $0.11. The firm had revenue of $547.50 million for the quarter, compared to analyst estimates of $533.55 million. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. Fortinet’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. Equities research analysts anticipate that Fortinet will post 1.62 earnings per share for the current year.
In related news, Director Christopher B. Paisley sold 750 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $104.43, for a total transaction of $78,322.50. Following the transaction, the director now owns 75,279 shares in the company, valued at $7,861,385.97. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John Whittle sold 2,466 shares of Fortinet stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $107.81, for a total value of $265,859.46. Following the transaction, the executive vice president now owns 9,309 shares in the company, valued at approximately $1,003,603.29. The disclosure for this sale can be found here. In the last quarter, insiders have sold 117,961 shares of company stock worth $12,193,482. 17.20% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the business. Nuveen Asset Management LLC grew its holdings in shares of Fortinet by 34,525.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,170,333 shares of the software maker’s stock worth $89,916,000 after acquiring an additional 1,166,953 shares during the period. Millennium Management LLC grew its holdings in shares of Fortinet by 719.7% in the 3rd quarter. Millennium Management LLC now owns 542,897 shares of the software maker’s stock worth $41,672,000 after acquiring an additional 630,497 shares during the period. AQR Capital Management LLC grew its holdings in shares of Fortinet by 14.1% in the 2nd quarter. AQR Capital Management LLC now owns 4,339,730 shares of the software maker’s stock worth $332,640,000 after acquiring an additional 536,513 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Fortinet in the 3rd quarter worth approximately $23,654,000. Finally, United Services Automobile Association grew its holdings in shares of Fortinet by 295.1% in the 2nd quarter. United Services Automobile Association now owns 349,808 shares of the software maker’s stock worth $26,876,000 after acquiring an additional 261,262 shares during the period. Institutional investors own 69.95% 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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