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

Shares of Fortinet, Inc. (NASDAQ:FTNT) have been given a consensus recommendation of “Hold” by the thirty-two ratings firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $103.72.

Several equities research analysts recently commented on FTNT shares. Robert W. Baird reiterated a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Bank of America lifted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, The Goldman Sachs Group lifted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th.

Fortinet Trading Down 0.4 %

FTNT opened at $101.28 on Wednesday. The company’s 50 day moving average is $102.06 and its 200-day moving average is $91.04. Fortinet has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $77.88 billion, a P/E ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities research analysts predict that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 87,120 shares of company stock worth $8,991,409. 18.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter worth $26,000. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the 4th quarter worth $27,000. Oarsman Capital Inc. boosted its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet during the 4th quarter worth $43,000. Finally, Banque Transatlantique SA purchased a new position in Fortinet during the 4th quarter worth $43,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company Profile

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.