Fortinet (NASDAQ:FTNT) Given Buy Rating at Monness Crespi & Hardt

Monness Crespi & Hardt reiterated their buy rating on shares of Fortinet (NASDAQ:FTNT) in a report published on Friday, Briefing.com Automated Import reports. They currently have a $102.00 price objective on the software maker’s stock, up from their previous price objective of $97.00.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. raised Fortinet from a neutral rating to an overweight rating and set a $93.00 price target on the stock in a research note on Monday, June 24th. Robert W. Baird reaffirmed a hold rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday. Citigroup lowered Fortinet from a neutral rating to a sell rating and decreased their price target for the company from $84.00 to $78.00 in a research note on Friday, May 3rd. Northland Securities reaffirmed a buy rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Finally, Cowen started coverage on Fortinet in a research note on Thursday, May 23rd. They issued a market perform rating and a $85.00 price target on the stock. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the company. Fortinet has a consensus rating of Hold and a consensus price target of $87.57.

FTNT stock traded up $7.03 during trading on Friday, hitting $86.05. The company had a trading volume of 5,659,449 shares, compared to its average volume of 1,342,531. The firm’s fifty day moving average is $80.78. The stock has a market capitalization of $13.71 billion, a P/E ratio of 76.15, a P/E/G ratio of 4.08 and a beta of 1.08. Fortinet has a fifty-two week low of $64.41 and a fifty-two week high of $96.96.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The business had revenue of $521.70 million for the quarter, compared to analyst estimates of $511.38 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. Fortinet’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 EPS. As a group, equities analysts anticipate that Fortinet will post 1.31 earnings per share for the current year.

In other news, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $82.88, for a total transaction of $103,600.00. Following the transaction, the vice president now owns 9,309 shares of the company’s stock, valued at $771,529.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total value of $660,640.00. Following the transaction, the chief executive officer now directly owns 12,521,600 shares in the company, valued at approximately $1,034,033,728. The disclosure for this sale can be found here. In the last three months, insiders sold 59,572 shares of company stock worth $4,416,585. Insiders own 17.20% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Dimensional Fund Advisors LP lifted its stake in shares of Fortinet by 16.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock valued at $32,588,000 after acquiring an additional 66,442 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fortinet by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after acquiring an additional 787,230 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Fortinet by 147.4% during the fourth quarter. Macquarie Group Ltd. now owns 4,700 shares of the software maker’s stock valued at $331,000 after acquiring an additional 2,800 shares during the period. Nordea Investment Management AB lifted its stake in shares of Fortinet by 23.4% during the fourth quarter. Nordea Investment Management AB now owns 30,995 shares of the software maker’s stock valued at $2,183,000 after acquiring an additional 5,870 shares during the period. Finally, Norges Bank acquired a new position in shares of Fortinet during the fourth quarter valued at $108,282,000. 73.21% of the stock is currently owned by institutional investors and hedge funds.

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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