Fortinet, Inc. (NASDAQ:FTNT) Receives $233.50 Consensus Target Price from Analysts

Shares of Fortinet, Inc. (NASDAQ:FTNT) have earned an average rating of “Hold” from the twenty-three research firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $233.50.

Several research analysts have commented on the stock. Wedbush upped their price objective on shares of Fortinet from $310.00 to $350.00 and gave the stock an “outperform” rating in a report on Monday, August 30th. Monness Crespi & Hardt downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 29th. They noted that the move was a valuation call. Barclays upped their target price on shares of Fortinet from $230.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 15th. Mizuho upped their target price on shares of Fortinet from $250.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, July 30th. Finally, Raymond James upped their target price on shares of Fortinet from $280.00 to $295.00 and gave the stock an “outperform” rating in a research report on Friday, July 30th.

NASDAQ:FTNT traded up $3.66 during midday trading on Tuesday, reaching $300.58. 1,233,269 shares of the stock traded hands, compared to its average volume of 1,081,506. The company has a fifty day moving average of $290.23 and a 200 day moving average of $235.52. Fortinet has a 12 month low of $106.75 and a 12 month high of $322.00. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.88 and a current ratio of 1.96. The stock has a market capitalization of $49.09 billion, a P/E ratio of 96.96, a PEG ratio of 7.68 and a beta of 1.12.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, July 29th. The software maker reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.07. Fortinet had a net margin of 17.69% and a return on equity of 49.90%. The company had revenue of $801.10 million during the quarter, compared to analyst estimates of $741.76 million. During the same period in the prior year, the business posted $0.82 EPS. On average, analysts predict that Fortinet will post 2.84 EPS for the current fiscal year.

In other Fortinet news, VP Michael Xie sold 2,088 shares of the firm’s stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $281.20, for a total transaction of $587,145.60. Following the sale, the vice president now owns 1,095 shares in the company, valued at approximately $307,914. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 7,992 shares of the firm’s stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $301.31, for a total transaction of $2,408,069.52. Following the sale, the chief financial officer now owns 3,342 shares in the company, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. Insiders sold a total of 50,080 shares of company stock worth $15,046,015 in the last quarter. Company insiders own 18.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Fortinet by 24.9% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,104 shares of the software maker’s stock worth $6,455,000 after acquiring an additional 5,403 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Fortinet by 9.0% during the first quarter. Dimensional Fund Advisors LP now owns 650,689 shares of the software maker’s stock valued at $119,986,000 after buying an additional 53,462 shares during the last quarter. Eqis Capital Management Inc. raised its position in shares of Fortinet by 379.2% during the first quarter. Eqis Capital Management Inc. now owns 11,855 shares of the software maker’s stock valued at $2,186,000 after buying an additional 9,381 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Fortinet by 2.8% during the second quarter. Illinois Municipal Retirement Fund now owns 28,023 shares of the software maker’s stock valued at $6,675,000 after buying an additional 769 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its position in shares of Fortinet by 2.8% during the second quarter. Asset Management One Co. Ltd. now owns 107,000 shares of the software maker’s stock valued at $25,486,000 after buying an additional 2,931 shares during the last quarter. Institutional investors own 68.50% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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