Fortinet (FTNT) PT Raised to $90.00

Fortinet (NASDAQ:FTNT) had its target price hoisted by BMO Capital Markets from $76.00 to $90.00 in a report released on Friday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 24.04% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Bank of America lifted their price objective on shares of Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus lifted their price objective on shares of Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Monness Crespi & Hardt lifted their price objective on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Fortinet currently has an average rating of “Hold” and a consensus target price of $78.00.

Shares of FTNT traded down $11.13 during mid-day trading on Friday, hitting $72.56. The company’s stock had a trading volume of 5,918,487 shares, compared to its average volume of 4,146,278. The stock has a market capitalization of $12.27 billion, a P/E ratio of 139.54, a P/E/G ratio of 4.49 and a beta of 0.81. Fortinet has a fifty-two week low of $38.50 and a fifty-two week high of $94.37.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The company had revenue of $453.90 million for the quarter, compared to analysts’ expectations of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 22.04%. The business’s revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. On average, equities research analysts forecast that Fortinet will post 0.96 earnings per share for the current fiscal year.

In other news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $88.65, for a total value of $110,812.50. Following the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at $825,242.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 1,875 shares of Fortinet stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $77.05, for a total transaction of $144,468.75. Following the completion of the transaction, the chief financial officer now directly owns 1,210 shares in the company, valued at $93,230.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,540 shares of company stock worth $1,107,574. 17.70% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in FTNT. Financial Architects Inc purchased a new position in Fortinet during the third quarter valued at approximately $116,000. Harel Insurance Investments & Financial Services Ltd. grew its position in Fortinet by 379.0% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,619 shares of the software maker’s stock valued at $149,000 after purchasing an additional 1,281 shares in the last quarter. Smithfield Trust Co. grew its position in Fortinet by 4,071.4% during the second quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock valued at $182,000 after purchasing an additional 2,850 shares in the last quarter. Alpha Cubed Investments LLC purchased a new position in Fortinet during the third quarter valued at approximately $203,000. Finally, TD Asset Management Inc. purchased a new position in Fortinet during the second quarter valued at approximately $208,000. 71.48% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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