Shares of Fortinet Inc (NASDAQ:FTNT) have earned a consensus recommendation of “Buy” from the twenty-six brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $57.11.
FTNT has been the subject of a number of recent research reports. BMO Capital Markets restated an “outperform” rating and set a $58.00 price objective (up from $50.00) on shares of Fortinet in a research note on Thursday, March 29th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Monday, March 12th. Bank of America raised their price objective on Fortinet from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Tuesday, April 24th. Credit Suisse Group reiterated a “sell” rating and issued a $37.00 price objective on shares of Fortinet in a research report on Wednesday, February 28th. Finally, ValuEngine upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, April 4th.
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In other news, CEO Ken Xie sold 50,000 shares of the company’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $60.51, for a total value of $3,025,500.00. Following the completion of the sale, the chief executive officer now owns 12,562,906 shares in the company, valued at $760,181,442.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Monday, June 18th. The shares were sold at an average price of $64.98, for a total value of $81,225.00. Following the completion of the sale, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $604,898.82. The disclosure for this sale can be found here. In the last three months, insiders sold 84,214 shares of company stock valued at $5,052,515. 17.70% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in FTNT. Xact Kapitalforvaltning AB lifted its position in Fortinet by 6.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 14,953 shares of the software maker’s stock worth $801,000 after acquiring an additional 902 shares in the last quarter. Front Row Advisors LLC lifted its holdings in shares of Fortinet by 5.8% during the 1st quarter. Front Row Advisors LLC now owns 18,767 shares of the software maker’s stock worth $1,006,000 after acquiring an additional 1,032 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Fortinet by 4.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,180 shares of the software maker’s stock worth $1,189,000 after acquiring an additional 1,035 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Fortinet by 5.3% during the 4th quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after acquiring an additional 1,244 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Fortinet by 4.4% during the 4th quarter. Amalgamated Bank now owns 30,653 shares of the software maker’s stock worth $1,339,000 after acquiring an additional 1,287 shares during the last quarter. Institutional investors and hedge funds own 69.12% of the company’s stock.
Fortinet traded down $0.81, hitting $63.93, during mid-day trading on Tuesday, Marketbeat reports. The company’s stock had a trading volume of 2,293,344 shares, compared to its average volume of 1,484,412. Fortinet has a 12 month low of $35.44 and a 12 month high of $66.32. The company has a market capitalization of $10.88 billion, a PE ratio of 122.94, a P/E/G ratio of 4.41 and a beta of 0.76.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 3rd. The software maker reported $0.33 EPS for the quarter, topping the consensus estimate of $0.24 by $0.09. Fortinet had a net margin of 4.01% and a return on equity of 14.64%. The business had revenue of $399.00 million for the quarter, compared to analyst estimates of $390.60 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Fortinet’s quarterly revenue was up 17.1% on a year-over-year basis. analysts predict that Fortinet will post 0.88 earnings per share for the current year.
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.