Fortinet (NASDAQ:FTNT) Earns Market Perform Rating from Analysts at Sanford C. Bernstein

Equities research analysts at Sanford C. Bernstein began coverage on shares of Fortinet (NASDAQ:FTNTGet Free Report) in a research report issued on Thursday, Briefing.com reports. The firm set a “market perform” rating and a $65.00 price target on the software maker’s stock. Sanford C. Bernstein’s target price would suggest a potential upside of 7.23% from the company’s previous close.

A number of other analysts have also commented on FTNT. DZ Bank assumed coverage on Fortinet in a report on Wednesday, October 18th. They set a “hold” rating and a $58.00 price objective for the company. Susquehanna started coverage on Fortinet in a research report on Friday, December 15th. They issued a “neutral” rating and a $55.00 price target for the company. Needham & Company LLC began coverage on Fortinet in a research note on Wednesday, October 25th. They set a “hold” rating on the stock. Morgan Stanley reduced their target price on shares of Fortinet from $75.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, November 3rd. Finally, Piper Sandler dropped their price target on shares of Fortinet from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, November 3rd. Twenty-five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $64.64.

Check Out Our Latest Analysis on FTNT

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $60.62 on Thursday. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The stock’s 50 day moving average is $55.82 and its 200-day moving average is $60.72. The company has a quick ratio of 1.17, a current ratio of 1.30 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $46.55 billion, a price-to-earnings ratio of 41.81, a PEG ratio of 2.53 and a beta of 1.09.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.05. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.35 billion. Fortinet had a net margin of 22.25% and a return on equity of 3,361.82%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.28 earnings per share. Sell-side analysts forecast that Fortinet will post 1.29 EPS for the current fiscal year.

Insider Activity

In related news, EVP Patrice Perche sold 7,535 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $56.13, for a total transaction of $422,939.55. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,444,224.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Patrice Perche sold 7,535 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $56.13, for a total transaction of $422,939.55. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,444,224.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom bought 664 shares of the stock in a transaction on Wednesday, December 6th. The stock was purchased at an average price of $52.62 per share, for a total transaction of $34,939.68. Following the completion of the purchase, the director now directly owns 293,041 shares in the company, valued at $15,419,817.42. The disclosure for this purchase can be found here. Over the last three months, insiders sold 126,416 shares of company stock worth $7,025,948. 17.54% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of large investors have recently modified their holdings of the business. Sendero Wealth Management LLC lifted its position in Fortinet by 84.5% during the fourth quarter. Sendero Wealth Management LLC now owns 39,991 shares of the software maker’s stock valued at $2,341,000 after purchasing an additional 18,318 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Fortinet by 32.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 162,534 shares of the software maker’s stock valued at $9,513,000 after buying an additional 39,492 shares in the last quarter. CVA Family Office LLC bought a new stake in shares of Fortinet during the 4th quarter worth $46,000. Bangor Savings Bank purchased a new position in Fortinet in the fourth quarter worth $1,399,000. Finally, Cooper Financial Group increased its stake in Fortinet by 4.0% in the fourth quarter. Cooper Financial Group now owns 28,744 shares of the software maker’s stock valued at $1,682,000 after acquiring an additional 1,094 shares during the last quarter. Institutional investors own 65.00% of the company’s stock.

Fortinet Company Profile

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking 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 wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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