Fortinet (FTNT) Given New $56.00 Price Target at Citigroup

Fortinet (NASDAQ:FTNT) had its target price lifted by Citigroup from $45.00 to $56.00 in a research note released on Monday morning. They currently have a neutral rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Credit Suisse Group boosted their price target on shares of Fortinet from $33.00 to $37.00 and gave the stock an underperform rating in a research report on Tuesday, February 6th. Oppenheimer boosted their price target on shares of Fortinet from $55.00 to $60.00 and gave the stock an outperform rating in a research report on Tuesday, March 27th. Deutsche Bank downgraded shares of Fortinet from a buy rating to a hold rating and set a $46.00 price target on the stock. in a research report on Tuesday, January 23rd. Robert W. Baird boosted their price target on shares of Fortinet from $50.00 to $56.00 and gave the stock an outperform rating in a research report on Thursday, January 11th. Finally, Zacks Investment Research downgraded shares of Fortinet from a buy rating to a hold rating in a research report on Friday, March 9th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $50.58.

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Shares of NASDAQ FTNT opened at $56.76 on Monday. The company has a market capitalization of $9,382.47, a PE ratio of 109.15, a PEG ratio of 4.48 and a beta of 0.71. Fortinet has a 52-week low of $35.44 and a 52-week high of $57.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 EPS. equities research analysts forecast that Fortinet will post 0.74 earnings per share for the current fiscal year.

In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $46.71, for a total transaction of $186,840.00. Following the completion of the sale, the director now owns 72,937 shares in the company, valued at approximately $3,406,887.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 624 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $33,970.56. The disclosure for this sale can be found here. Insiders have sold a total of 156,190 shares of company stock valued at $7,114,541 in the last 90 days. 17.00% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. SeaCrest Wealth Management LLC bought a new stake in Fortinet during the 4th quarter valued at $109,000. Cerebellum GP LLC bought a new stake in Fortinet during the 4th quarter valued at $125,000. First Mercantile Trust Co. bought a new stake in Fortinet during the 4th quarter valued at $135,000. First Republic Investment Management Inc. bought a new stake in Fortinet during the 4th quarter valued at $208,000. Finally, Capital One National Association bought a new stake in Fortinet during the 4th quarter valued at $213,000. Institutional investors and hedge funds own 68.82% of the company’s stock.

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About Fortinet

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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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