Fortinet (NASDAQ:FTNT) had its price objective hoisted by equities research analysts at Oppenheimer from $82.00 to $97.00 in a report released on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target points to a potential upside of 8.32% from the stock’s current price.

Several other brokerages have also recently issued reports on FTNT. Stifel Nicolaus boosted their price objective on shares of Fortinet from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Bank of America cut shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $77.00 to $95.00 in a research note on Thursday, September 20th. UBS Group cut shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $80.00 to $90.00 in a research note on Tuesday, September 18th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on shares of Fortinet from $55.00 to $67.00 and gave the company a “hold” rating in a research note on Friday, August 3rd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $76.00 price target (up from $61.00) on shares of Fortinet in a research note on Thursday, August 2nd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $71.29.

FTNT traded up $0.04 during trading on Wednesday, hitting $89.55. The stock had a trading volume of 1,869,582 shares, compared to its average volume of 1,605,581. The stock has a market capitalization of $14.76 billion, a P/E ratio of 172.21, a P/E/G ratio of 5.40 and a beta of 0.63. Fortinet has a twelve month low of $35.44 and a twelve month high of $91.27.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.22. The company had revenue of $441.30 million for the quarter, compared to analysts’ expectations of $425.66 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. Fortinet’s revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. sell-side analysts anticipate that Fortinet will post 0.96 EPS for the current fiscal year.

In related news, Director Ming Hsieh sold 7,015 shares of the stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $85.50, for a total value of $599,782.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John Whittle sold 1,250 shares of the stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total transaction of $77,787.50. Following the completion of the sale, the vice president now directly owns 9,309 shares in the company, valued at $579,299.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 180,570 shares of company stock worth $13,358,587. 17.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of FTNT. Three Peaks Capital Management LLC acquired a new stake in Fortinet in the 1st quarter valued at about $114,000. Smithfield Trust Co. grew its stake in Fortinet by 4,071.4% in the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock valued at $182,000 after acquiring an additional 2,850 shares during the last quarter. TD Asset Management Inc. acquired a new stake in Fortinet in the 2nd quarter valued at about $208,000. Tocqueville Asset Management L.P. acquired a new stake in Fortinet in the 2nd quarter valued at about $221,000. Finally, Keybank National Association OH acquired a new stake in Fortinet in the 2nd quarter valued at about $222,000. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

About Fortinet

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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