Fortinet (FTNT) Upgraded by BidaskClub to “Strong-Buy”

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

Several other research analysts have also recently commented on FTNT. Zacks Investment Research upgraded Fortinet from a hold rating to a buy rating and set a $76.00 price target on the stock in a research note on Tuesday, December 18th. Goldman Sachs Group cut Fortinet from a buy rating to a sell rating and cut their price target for the stock from $95.00 to $59.00 in a research note on Friday, January 4th. Oppenheimer cut their price target on Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. OTR Global cut Fortinet to a positive rating in a research note on Friday, January 18th. Finally, BMO Capital Markets cut Fortinet from an outperform rating to a market perform rating and cut their price target for the stock from $90.00 to $78.00 in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $81.26.

Shares of FTNT opened at $95.22 on Friday. The stock has a market cap of $15.30 billion, a price-to-earnings ratio of 84.27, a P/E/G ratio of 4.27 and a beta of 0.90. Fortinet has a 12 month low of $53.40 and a 12 month high of $95.59.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The company’s revenue was up 21.7% compared to the same quarter last year. Sell-side analysts expect that Fortinet will post 1.25 EPS for the current year.

In other news, CFO Keith Jensen sold 11,251 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $86.95, for a total transaction of $978,274.45. Following the completion of the transaction, the chief financial officer now directly owns 10,669 shares of the company’s stock, valued at $927,669.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 7,768 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $79.69, for a total value of $619,031.92. Following the transaction, the vice president now directly owns 10,559 shares of the company’s stock, valued at $841,446.71. The disclosure for this sale can be found here. Insiders have sold 196,499 shares of company stock valued at $16,309,857 over the last ninety days. Corporate insiders own 17.70% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Sumitomo Mitsui Asset Management Company LTD grew its holdings in shares of Fortinet by 1.6% during the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock valued at $672,000 after purchasing an additional 150 shares during the last quarter. Reliance Trust Co. of Delaware grew its holdings in shares of Fortinet by 4.8% during the fourth quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after purchasing an additional 200 shares during the last quarter. Utah Retirement Systems grew its holdings in shares of Fortinet by 0.8% during the fourth quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock valued at $1,830,000 after purchasing an additional 200 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Fortinet by 2.4% during the fourth quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock valued at $631,000 after purchasing an additional 208 shares during the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Fortinet by 1.1% during the fourth quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock valued at $1,453,000 after purchasing an additional 228 shares during the last quarter. 74.74% of the stock is owned by institutional investors.

About Fortinet

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 acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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