Fortinet, Inc. (NASDAQ:FTNT) Given Average Rating of “Hold” by Brokerages

Fortinet, Inc. (NASDAQ:FTNTGet Free Report) has been given a consensus recommendation of “Hold” by the thirty-three research firms that are covering the firm, Marketbeat Ratings reports. Twenty-three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $72.64.

A number of analysts have recently issued reports on the company. Scotiabank lifted their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. JPMorgan Chase & Co. increased their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities reduced their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th.

Check Out Our Latest Analysis on Fortinet

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $82.87 on Friday. The business has a 50-day moving average of $74.98 and a 200-day moving average of $66.16. The company has a market capitalization of $63.39 billion, a price-to-earnings ratio of 49.04, a PEG ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet has a 1-year low of $44.12 and a 1-year high of $83.04.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 earnings per share. On average, equities analysts anticipate that Fortinet will post 1.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its position in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB acquired a new position in shares of Fortinet in the 1st quarter valued at about $548,013,000. Marshall Wace LLP lifted its position in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the period. Finally, Sarasin & Partners LLP purchased a new position in Fortinet during the first quarter valued at approximately $120,746,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

(Get Free Report

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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