StockNews.com upgraded shares of Fortinet (NASDAQ:FTNT – Free Report) from a hold rating to a buy rating in a report published on Friday.
A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on Fortinet from $74.00 to $67.00 and set an overweight rating for the company in a report on Wednesday, October 25th. Needham & Company LLC started coverage on shares of Fortinet in a research report on Wednesday, October 25th. They set a hold rating on the stock. Jefferies Financial Group cut shares of Fortinet from a buy rating to a hold rating and decreased their price target for the company from $85.00 to $65.00 in a research report on Thursday, October 19th. BMO Capital Markets decreased their price objective on Fortinet from $88.00 to $72.00 and set a market perform rating for the company in a report on Friday, August 4th. Finally, Guggenheim raised Fortinet from a neutral rating to a buy rating and set a $70.00 target price on the stock in a report on Monday, August 7th. Seventeen investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $66.94.
Read Our Latest Research Report on Fortinet
Fortinet Stock Performance
Fortinet stock opened at $50.48 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09. The stock has a market cap of $39.64 billion, a PE ratio of 34.81, a P/E/G ratio of 2.54 and a beta of 1.14. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24. The business’s 50-day moving average price is $59.09 and its two-hundred day moving average price is $65.46.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.05. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.35 billion. Fortinet had a net margin of 21.24% and a negative return on equity of 698.28%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 EPS. As a group, analysts expect that Fortinet will post 1.24 earnings per share for the current fiscal year.
In other Fortinet news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $57.20, for a total transaction of $291,720.00. Following the completion of the sale, the chief financial officer now directly owns 4,578 shares of the company’s stock, valued at approximately $261,861.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director William H. Neukom bought 552 shares of Fortinet stock in a transaction dated Friday, September 8th. The stock was purchased at an average price of $63.28 per share, for a total transaction of $34,930.56. Following the purchase, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $57.20, for a total transaction of $291,720.00. Following the transaction, the chief financial officer now directly owns 4,578 shares in the company, valued at $261,861.60. The disclosure for this sale can be found here. Insiders sold 61,333 shares of company stock worth $3,505,054 over the last three months. 17.54% of the stock is currently owned by insiders.
Institutional Trading of Fortinet
A number of institutional investors and hedge funds have recently modified their holdings of FTNT. North Star Investment Management Corp. increased its holdings in Fortinet by 85.1% during the first quarter. North Star Investment Management Corp. now owns 435 shares of the software maker’s stock worth $29,000 after buying an additional 200 shares during the last quarter. Retirement Group LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $30,000. St. Johns Investment Management Company LLC purchased a new position in shares of Fortinet during the 2nd quarter valued at $30,000. GeoWealth Management LLC bought a new position in shares of Fortinet during the 2nd quarter worth $30,000. Finally, Resurgent Financial Advisors LLC purchased a new stake in Fortinet in the 4th quarter worth about $31,000. 65.00% of the stock is owned by hedge funds and other institutional investors.
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Fortinet, Inc provides cybersecurity and networking 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.
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