Fortinet Inc (FTNT) Receives $77.57 Consensus Target Price from Analysts

Shares of Fortinet Inc (NASDAQ:FTNT) have received an average rating of “Hold” from the twenty-nine brokerages that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, fifteen have issued a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $77.14.

A number of analysts have commented on the stock. Oppenheimer upped 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. 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. UBS Group cut shares of Fortinet from a “buy” rating to a “neutral” rating and upped 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 cut shares of Fortinet from a “buy” rating to a “neutral” rating and upped their target price for the company from $77.00 to $95.00 in a report on Thursday, September 20th. Finally, BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 20th.

In related news, Director Peter Dale Jr. Cohen sold 2,000 shares of the company’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $74.26, for a total transaction of $148,520.00. Following the completion of the transaction, the director now owns 3,467 shares in the company, valued at $257,459.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 626 shares of the company’s stock in a transaction on Monday, December 24th. The stock was sold at an average price of $65.00, for a total transaction of $40,690.00. Following the transaction, the chief financial officer now owns 829 shares of the company’s stock, valued at approximately $53,885. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,216 shares of company stock valued at $7,004,944. Corporate insiders own 17.70% of the company’s stock.

Large investors have recently modified their holdings of the stock. Financial Architects Inc bought a new position in Fortinet during the third quarter valued at $116,000. Harel Insurance Investments & Financial Services Ltd. lifted 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 during the last quarter. Alpha Cubed Investments LLC bought a new position in Fortinet during the third quarter valued at $203,000. IBM Retirement Fund bought a new position in Fortinet during the third quarter valued at $208,000. Finally, Dynasty Wealth Management LLC bought a new position in Fortinet during the third quarter valued at $208,000. Hedge funds and other institutional investors own 69.93% of the company’s stock.

Shares of FTNT traded up $0.06 during mid-day trading on Friday, hitting $73.27. 1,285,767 shares of the company traded hands, compared to its average volume of 2,372,408. Fortinet has a 1 year low of $43.55 and a 1 year high of $94.37. The stock has a market capitalization of $12.45 billion, a price-to-earnings ratio of 140.90, a PEG ratio of 3.81 and a beta of 0.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The firm had revenue of $453.90 million during the quarter, compared to analysts’ expectations of $450.84 million. During the same period in the previous year, the company earned $0.28 earnings per share. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. On average, equities analysts predict that Fortinet will post 1.02 earnings per share for the current year.

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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