BidaskClub Upgrades Fortinet (NASDAQ:FTNT) to “Buy”

BidaskClub upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a buy rating in a report published on Saturday, BidAskClub reports.

Other equities analysts have also recently issued research reports about the stock. Goldman Sachs Group cut shares of Fortinet from a buy rating to a neutral rating and lifted their target price for the stock from $129.00 to $140.00 in a research report on Wednesday, July 15th. Zacks Investment Research cut shares of Fortinet from a buy rating to a hold rating and set a $133.00 target price on the stock. in a research report on Wednesday, August 12th. Monness Crespi & Hardt lifted their target price on shares of Fortinet from $140.00 to $155.00 and gave the stock a buy rating in a research report on Wednesday, June 24th. Citigroup lifted their target price on shares of Fortinet from $92.00 to $102.00 and gave the stock a sell rating in a research report on Monday, August 10th. Finally, Oppenheimer reissued a buy rating and set a $160.00 target price on shares of Fortinet in a research report on Monday, September 21st. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the stock. Fortinet presently has a consensus rating of Hold and an average price target of $131.00.

Shares of NASDAQ FTNT opened at $132.52 on Friday. Fortinet has a fifty-two week low of $70.20 and a fifty-two week high of $151.95. The stock has a market cap of $21.45 billion, a price-to-earnings ratio of 55.22, a PEG ratio of 4.33 and a beta of 0.89. The firm’s 50-day simple moving average is $120.88 and its 200 day simple moving average is $127.11.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, August 6th. The software maker reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.17. Fortinet had a net margin of 17.46% and a return on equity of 40.58%. The business had revenue of $615.50 million for the quarter, compared to analysts’ expectations of $599.20 million. During the same quarter last year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was up 18.0% compared to the same quarter last year. As a group, equities analysts predict that Fortinet will post 2.17 EPS for the current fiscal year.

In other news, CFO Keith Jensen sold 3,600 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $126.79, for a total transaction of $456,444.00. Following the completion of the transaction, the chief financial officer now directly owns 1,788 shares of the company’s stock, valued at $226,700.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 2,835 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $138.72, for a total transaction of $393,271.20. Insiders sold 53,351 shares of company stock valued at $6,979,883 over the last three months. 18.20% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the company. State Street Corp raised its stake in shares of Fortinet by 0.4% during the first quarter. State Street Corp now owns 5,818,857 shares of the software maker’s stock valued at $588,694,000 after acquiring an additional 24,632 shares during the last quarter. FMR LLC increased its position in shares of Fortinet by 107.7% during the second quarter. FMR LLC now owns 3,402,269 shares of the software maker’s stock valued at $467,029,000 after buying an additional 1,764,222 shares during the period. Two Sigma Advisers LP increased its position in shares of Fortinet by 50.4% during the second quarter. Two Sigma Advisers LP now owns 1,185,028 shares of the software maker’s stock valued at $162,669,000 after buying an additional 397,028 shares during the period. Bank of New York Mellon Corp increased its position in shares of Fortinet by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 1,097,445 shares of the software maker’s stock valued at $150,645,000 after buying an additional 41,465 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Fortinet by 15.1% during the second quarter. Goldman Sachs Group Inc. now owns 824,678 shares of the software maker’s stock valued at $113,204,000 after buying an additional 108,017 shares during the period. 68.37% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated 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 wide area network (WAN) acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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