Fortinet (NASDAQ:FTNT) Receives “Hold” Rating from Barclays

Fortinet (NASDAQ:FTNT)‘s stock had its “hold” rating reissued by equities researchers at Barclays in a note issued to investors on Sunday, AnalystRatings.com reports. They presently have a $99.00 price objective on the software maker’s stock. Barclays‘s price objective would indicate a potential upside of 15.05% from the company’s current price.

A number of other equities analysts also recently issued reports on FTNT. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 9th. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 25th. Monness Crespi & Hardt reissued a “buy” rating and set a $102.00 price target (up previously from $97.00) on shares of Fortinet in a research report on Friday. Robert W. Baird reissued a “hold” rating and set a $100.00 price target on shares of Fortinet in a research report on Friday. Finally, Cowen initiated coverage on Fortinet in a research report on Thursday, May 23rd. They set 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 given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $87.96.

Fortinet stock traded up $7.03 during mid-day trading on Friday, hitting $86.05. The company’s stock had a trading volume of 5,659,449 shares, compared to its average volume of 1,433,841. The company has a 50 day simple moving average of $80.78. The company has a market capitalization of $13.49 billion, a PE ratio of 76.15, a PEG ratio of 4.01 and a beta of 1.08. Fortinet has a one year low of $64.41 and a one year high of $96.96.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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 company had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a return on equity of 24.78% and a net margin of 19.07%. Fortinet’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.41 EPS. As a group, equities research analysts expect that Fortinet will post 1.31 earnings per share for the current year.

In related news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the sale, the director now directly owns 72,621 shares in the company, valued at approximately $5,927,326.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction 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 owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The disclosure for this sale can be found here. Insiders have sold a total of 59,572 shares of company stock valued at $4,416,585 over the last 90 days. 17.20% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of FTNT. Dimensional Fund Advisors LP raised its stake in Fortinet by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock valued at $32,588,000 after buying an additional 66,442 shares during the last quarter. Geode Capital Management LLC raised its stake in Fortinet by 50.3% in 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 buying an additional 787,230 shares during the last quarter. Macquarie Group Ltd. raised its stake in Fortinet by 147.4% in the fourth quarter. Macquarie Group Ltd. now owns 4,700 shares of the software maker’s stock valued at $331,000 after buying an additional 2,800 shares during the last quarter. Nordea Investment Management AB raised its stake in Fortinet by 23.4% in the fourth quarter. Nordea Investment Management AB now owns 30,995 shares of the software maker’s stock valued at $2,183,000 after buying an additional 5,870 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Fortinet by 30.4% in the fourth quarter. American Century Companies Inc. now owns 60,271 shares of the software maker’s stock valued at $4,245,000 after buying an additional 14,041 shares during the last quarter. Hedge funds and other institutional investors own 73.21% of the company’s stock.

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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