Fortinet (FTNT) Price Target Raised to $97.00 at Oppenheimer

Fortinet (NASDAQ:FTNT) had its target price hoisted by stock analysts at Oppenheimer from $82.00 to $97.00 in a research note issued on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target indicates a potential upside of 8.32% from the company’s current price.

Several other research firms have also recently commented on FTNT. Stifel Nicolaus boosted their price target on shares of Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Bank of America downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $77.00 to $95.00 in a research report on Thursday, September 20th. UBS Group downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $80.00 to $90.00 in a research report on Tuesday, September 18th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on shares of Fortinet from $55.00 to $67.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. Finally, BMO Capital Markets restated an “outperform” rating and set a $76.00 price objective (up previously from $61.00) on shares of Fortinet in a research report on Thursday, August 2nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $71.29.

NASDAQ FTNT traded up $0.04 on Wednesday, hitting $89.55. 1,869,582 shares of the stock were exchanged, compared to its average volume of 1,605,581. Fortinet has a fifty-two week low of $35.44 and a fifty-two week high of $91.27. The stock has a market capitalization of $14.76 billion, a PE ratio of 172.21, a price-to-earnings-growth ratio of 5.40 and a beta of 0.63.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, topping the consensus estimate of $0.19 by $0.22. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The company had revenue of $441.30 million during the quarter, compared to analysts’ expectations of $425.66 million. During the same quarter in the previous year, the business posted $0.27 EPS. The firm’s revenue was up 21.4% on a year-over-year basis. sell-side analysts predict that Fortinet will post 0.96 earnings per share for the current year.

In related news, CFO Keith Jensen sold 1,875 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $77.05, for a total value of $144,468.75. Following the completion of the sale, the chief financial officer now owns 1,210 shares in the company, valued at approximately $93,230.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total transaction of $77,787.50. Following the completion of the sale, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $579,299.07. The disclosure for this sale can be found here. Insiders have sold a total of 180,570 shares of company stock valued at $13,358,587 in the last 90 days. Insiders own 17.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in FTNT. Neuberger Berman Group LLC purchased a new stake in Fortinet in the 1st quarter valued at $231,000. US Bancorp DE raised its position in Fortinet by 12.2% in the 1st quarter. US Bancorp DE now owns 22,004 shares of the software maker’s stock valued at $1,179,000 after purchasing an additional 2,396 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Fortinet in the 1st quarter valued at $243,000. BlackRock Inc. raised its position in Fortinet by 0.4% in the 1st quarter. BlackRock Inc. now owns 13,849,272 shares of the software maker’s stock valued at $742,044,000 after purchasing an additional 55,565 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in Fortinet by 4.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,180 shares of the software maker’s stock valued at $1,189,000 after purchasing an additional 1,035 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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