Fortinet (FTNT) Coverage Initiated by Analysts at Cowen

Equities research analysts at Cowen assumed coverage on shares of Fortinet (NASDAQ:FTNT) in a report issued on Thursday, The Fly reports. The firm set a “market perform” rating on the software maker’s stock.

Several other brokerages also recently commented on FTNT. Stifel Nicolaus increased their target price on Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Tuesday, April 16th. OTR Global upgraded Fortinet to a “positive” rating in a research note on Monday, April 15th. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 13th. Northland Securities reissued a “buy” rating and set a $100.00 price target on shares of Fortinet in a report on Friday, May 3rd. Finally, Monness Crespi & Hardt reissued a “buy” rating and set a $97.00 price target (up from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $85.13.

Shares of FTNT opened at $81.96 on Thursday. Fortinet has a 12 month low of $58.10 and a 12 month high of $96.96. The firm has a market cap of $14.10 billion, a price-to-earnings ratio of 72.53, a price-to-earnings-growth ratio of 4.19 and a beta of 0.93.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating the 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 for the quarter, compared to the consensus estimate of $471.90 million. During the same period last year, the business posted $0.33 EPS. The company’s revenue was up 18.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet will post 1.31 earnings per share for the current year.

In related news, CFO Keith Jensen sold 1,850 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $81.17, for a total value of $150,164.50. Following the transaction, the chief financial officer now directly owns 1,607 shares of the company’s stock, valued at approximately $130,440.19. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $92.44, for a total value of $115,550.00. Following the completion of the transaction, the vice president now directly owns 10,559 shares in the company, valued at $976,073.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,263 shares of company stock worth $8,733,189. 17.70% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in FTNT. Nordea Investment Management AB grew its position in shares of Fortinet by 450.7% during the first quarter. Nordea Investment Management AB now owns 170,690 shares of the software maker’s stock valued at $14,334,000 after purchasing an additional 139,695 shares in the last quarter. Cleararc Capital Inc. purchased a new position in shares of Fortinet during the first quarter valued at about $204,000. Horizon Investments LLC purchased a new position in shares of Fortinet during the first quarter valued at about $215,000. Slow Capital Inc. grew its position in shares of Fortinet by 3.8% during the first quarter. Slow Capital Inc. now owns 35,979 shares of the software maker’s stock valued at $3,021,000 after purchasing an additional 1,319 shares in the last quarter. Finally, FMR LLC grew its position in shares of Fortinet by 495.1% during the first quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock valued at $104,444,000 after purchasing an additional 1,034,818 shares in the last quarter. 72.96% of the stock is currently 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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