Fortinet (FTNT) Rating Reiterated by Robert W. Baird

Fortinet (NASDAQ:FTNT)‘s stock had its “neutral” rating reissued by analysts at Robert W. Baird in a report issued on Thursday.

FTNT has been the topic of a number of other research reports. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 23rd. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research report on Friday, August 3rd. Bank of America downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the company from $77.00 to $95.00 in a research report on Thursday, September 20th. Royal Bank of Canada increased their price target on shares of Fortinet to $69.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 2nd. Finally, Cleveland Research upgraded shares of Fortinet from a “neutral” rating to a “buy” rating in a research report on Thursday, July 19th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Fortinet presently has a consensus rating of “Hold” and an average price target of $72.59.

Shares of Fortinet stock opened at $81.20 on Thursday. The company has a market cap of $13.81 billion, a P/E ratio of 156.15, a P/E/G ratio of 5.05 and a beta of 0.63. Fortinet has a twelve month low of $37.15 and a twelve month high of $94.37.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.22. The company had revenue of $441.30 million for 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 firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, equities analysts expect that Fortinet will post 0.96 EPS for the current year.

In other news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $88.65, for a total transaction of $110,812.50. Following the sale, the vice president now directly owns 9,309 shares in the company, valued at approximately $825,242.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 2,150 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 585 shares in the company, valued at $42,687.45. The disclosure for this sale can be found here. Insiders sold 180,570 shares of company stock worth $13,358,587 over the last quarter. Insiders own 17.70% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Fortinet by 2.2% during the 2nd quarter. BlackRock Inc. now owns 14,157,545 shares of the software maker’s stock valued at $883,856,000 after purchasing an additional 308,273 shares during the period. Bank of Montreal Can raised its position in shares of Fortinet by 51.0% during the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock valued at $126,808,000 after purchasing an additional 685,767 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd raised its position in shares of Fortinet by 22.7% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,786,803 shares of the software maker’s stock valued at $164,868,000 after purchasing an additional 330,288 shares during the period. Bank of America Corp DE raised its position in shares of Fortinet by 4.9% during the 2nd quarter. Bank of America Corp DE now owns 1,652,926 shares of the software maker’s stock valued at $103,192,000 after purchasing an additional 76,578 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Fortinet by 411.0% during the 2nd quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock valued at $36,654,000 after purchasing an additional 1,102,708 shares during the period. Hedge funds and other institutional investors own 71.22% of the company’s stock.

About Fortinet

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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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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