Analysts’ Recent Ratings Changes for Fortinet (FTNT)

Several analysts have recently updated their ratings and price targets for Fortinet (NASDAQ: FTNT):

  • 9/18/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Oppenheimer Holdings, Inc.. They now have a $45.00 price target on the stock.
  • 9/12/2017 – Fortinet had its “hold” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $42.00 price target on the stock.
  • 9/8/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Cowen and Company. They now have a $43.00 price target on the stock.
  • 9/5/2017 – Fortinet is now covered by analysts at Credit Suisse Group. They set an “underperform” rating and a $33.00 price target on the stock.
  • 9/1/2017 – Fortinet had its “buy” rating reaffirmed by analysts at BMO Capital Markets. They now have a $46.00 price target on the stock.
  • 8/25/2017 – Fortinet was given a new $50.00 price target on by analysts at Piper Jaffray Companies. They now have a “buy” rating on the stock.
  • 8/23/2017 – Fortinet was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating.
  • 8/10/2017 – Fortinet was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.
  • 7/31/2017 – Fortinet was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/28/2017 – Fortinet was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 7/28/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Cowen and Company. They now have a $43.00 price target on the stock.
  • 7/28/2017 – Fortinet had its “hold” rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $42.00 price target on the stock.
  • 7/27/2017 – Fortinet was given a new $38.00 price target on by analysts at Evercore ISI. They now have a “hold” rating on the stock. They wrote, “We believe most segments performed well with the exception of service providers. The company maintained its long-term margin targets (25% by 2022) which remain unaccompanied by growth metrics. FTNT’s board doubled the share repurchase authorization through Jan. 2019, which we view as a positive. We believe the company continues to execute on its push to shift its business towards ratable revenue which should make the topline more predictable and serve as a tailwind to margin expansion. The lack of clarity around the long-term business model remains an overhang that in combination with potentially tough guidance for the remainder of the year should keep the stock range bound in the near-term.””
  • 7/27/2017 – Fortinet was given a new $50.00 price target on by analysts at Robert W. Baird. They now have a “buy” rating on the stock. They wrote, “We believe expectations were somewhat elevated coming into the print. Management called out delays in Telco Service Provider offset but positive trends in Enterprise.””
  • 7/27/2017 – Fortinet had its price target raised by analysts at Dougherty & Co from $46.00 to $48.00. They now have a “buy” rating on the stock.

Shares of Fortinet, Inc. (FTNT) opened at 38.54 on Wednesday. The company has a market cap of $6.78 billion, a price-to-earnings ratio of 105.59 and a beta of 0.99. The firm has a 50-day moving average price of $37.31 and a 200 day moving average price of $38.20. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, analysts predict that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.

In other news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the transaction, the director now directly owns 66,611 shares in the company, valued at approximately $2,423,974.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Keith Jensen sold 1,850 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $36.47, for a total transaction of $67,469.50. Following the transaction, the insider now owns 1,315 shares of the company’s stock, valued at $47,958.05. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock worth $348,406 in the last three months. Insiders own 17.00% of the company’s stock.

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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