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

Fortinet (NASDAQ:FTNT) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Friday, BidAskClub reports.

Other analysts have also recently issued reports about the company. Morgan Stanley boosted their price objective on from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the company an “equal weight” rating in a research report on Tuesday, June 11th. Stifel Nicolaus upgraded QUALCOMM from a “hold” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $100.00 in a research report on Tuesday, April 16th. Northland Securities restated a “buy” rating and issued a $100.00 price objective on shares of Fortinet in a research report on Friday, May 3rd. OTR Global upgraded Fortinet to a “positive” rating in a research report on Monday, April 15th. Finally, Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price objective (up from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $85.54.

Shares of FTNT stock opened at $84.71 on Friday. The firm’s 50 day moving average is $76.41. The stock has a market capitalization of $14.47 billion, a PE ratio of 70.59, a P/E/G ratio of 4.30 and a beta of 1.09. Fortinet has a twelve month low of $62.27 and a twelve month high of $96.96.

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

In other news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total value of $2,817,200.00. Following the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $81.62, for a total value of $81,620.00. Following the completion of the sale, the director now directly owns 72,621 shares in the company, valued at $5,927,326.02. The disclosure for this sale can be found here. Insiders sold 64,513 shares of company stock worth $4,855,024 over the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norinchukin Bank The boosted its stake in Fortinet by 3.8% during the first quarter. Norinchukin Bank The now owns 27,529 shares of the software maker’s stock worth $2,312,000 after buying an additional 1,002 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Fortinet by 136.5% during the first quarter. PNC Financial Services Group Inc. now owns 17,112 shares of the software maker’s stock worth $1,436,000 after buying an additional 9,878 shares during the last quarter. Mason Street Advisors LLC boosted its stake in Fortinet by 1.3% during the first quarter. Mason Street Advisors LLC now owns 20,692 shares of the software maker’s stock worth $1,738,000 after buying an additional 275 shares during the last quarter. Flagship Harbor Advisors LLC boosted its stake in Fortinet by 9.9% during the first quarter. Flagship Harbor Advisors LLC now owns 6,607 shares of the software maker’s stock worth $554,000 after buying an additional 593 shares during the last quarter. Finally, Royal London Asset Management Ltd. acquired a new position in Fortinet during the first quarter worth $4,030,000. 73.26% of the stock is currently owned by 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 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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