Analysts Set Fortinet Inc (NASDAQ:FTNT) Price Target at $84.74

Fortinet Inc (NASDAQ:FTNT) has been assigned a consensus rating of “Hold” from the thirty-one brokerages that are covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and ten have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $85.17.

Several research analysts have weighed in on FTNT shares. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price target (up from $95.00) on shares of Fortinet in a research note on Friday, May 3rd. Northland Securities restated a “buy” rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Morgan Stanley dropped their price target on Fortinet from $84.00 to $77.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 9th.

In related news, VP Michael Xie sold 40,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the sale, the vice president now owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Whittle sold 1,250 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $92.44, for a total value of $115,550.00. Following the sale, the vice president now owns 10,559 shares in the company, valued at approximately $976,073.96. The disclosure for this sale can be found here. Insiders have sold a total of 64,511 shares of company stock valued at $4,865,082 over the last quarter. Corporate insiders own 17.70% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Legacy Advisors LLC purchased a new stake in Fortinet during the 1st quarter valued at $30,000. Sun Life Financial INC purchased a new stake in Fortinet during the 4th quarter valued at $28,000. Guardian Life Insurance Co. of America purchased a new stake in Fortinet during the 4th quarter valued at $29,000. Bremer Trust National Association purchased a new stake in Fortinet during the 4th quarter valued at $33,000. Finally, Bremer Bank National Association purchased a new stake in Fortinet during the 1st quarter valued at $44,000. Institutional investors own 73.57% of the company’s stock.

FTNT stock traded up $1.01 during midday trading on Wednesday, hitting $76.99. The company’s stock had a trading volume of 1,281,274 shares, compared to its average volume of 1,831,383. Fortinet has a 12 month low of $61.08 and a 12 month high of $96.96. The company has a market capitalization of $13.15 billion, a price-to-earnings ratio of 68.13, a PEG ratio of 3.75 and a beta of 1.13.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The business had revenue of $472.60 million during the quarter, compared to the consensus estimate of $471.90 million. During the same period in the prior year, the company posted $0.33 EPS. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, equities analysts predict that Fortinet will post 1.31 EPS for the current fiscal year.

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 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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