Fortinet (FTNT) Receives New Coverage from Analysts at Wedbush

Equities researchers at Wedbush initiated coverage on shares of Fortinet (NASDAQ:FTNT) in a research report issued on Thursday, The Fly reports. The firm set an “outperform” rating and a $100.00 price target on the software maker’s stock. Wedbush’s price target would suggest a potential upside of 22.38% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Goldman Sachs Group set a $95.00 target price on shares of Fortinet and gave the company a “buy” rating in a report on Tuesday, September 25th. BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 14th. UBS Group downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their target price for the company from $80.00 to $90.00 in a report on Tuesday, September 18th. They noted that the move was a valuation call. Bank of America downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their target price for the company from $77.00 to $95.00 in a report on Thursday, September 20th. Finally, Oppenheimer lifted their target price on shares of Fortinet from $82.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $72.59.

Shares of NASDAQ FTNT opened at $81.71 on Thursday. The company has a market cap of $13.81 billion, a PE ratio of 157.13, a PEG ratio of 5.05 and a beta of 0.63. Fortinet has a 1 year low of $37.15 and a 1 year high of $94.37.

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

In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total value of $77,787.50. Following the completion of the transaction, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $579,299.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 2,150 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total transaction of $156,885.50. Following the completion of the transaction, the chief financial officer now directly owns 585 shares of the company’s stock, valued at approximately $42,687.45. The disclosure for this sale can be found here. Insiders sold a total of 180,570 shares of company stock valued at $13,358,587 in the last three months. 17.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of FTNT. Dimensional Fund Advisors LP boosted its position in Fortinet by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 306,752 shares of the software maker’s stock valued at $16,436,000 after buying an additional 38,774 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Fortinet during the 1st quarter worth $360,000. Commonwealth Equity Services LLC purchased a new stake in shares of Fortinet during the 1st quarter worth $259,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Fortinet by 18.9% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,348 shares of the software maker’s stock worth $498,000 after purchasing an additional 1,488 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Fortinet by 171.7% during the 1st quarter. Legal & General Group Plc now owns 624,314 shares of the software maker’s stock worth $33,451,000 after purchasing an additional 394,553 shares during the last quarter. 71.22% of the stock is owned by institutional investors.

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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