Fortinet Inc (FTNT) Given Consensus Rating of “Hold” by Analysts
Shares of Fortinet Inc (NASDAQ:FTNT) have received an average recommendation of “Hold” from the twenty-seven brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, fourteen have issued a hold recommendation, ten have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $72.55.
A number of research analysts have recently issued reports on the company. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Cleveland Research assumed coverage on Fortinet in a research report on Friday, June 29th. They set a “neutral” rating on the stock. Royal Bank of Canada increased their target price on Fortinet to $69.00 and gave the company a “sector perform” rating in a research report on Thursday, August 2nd. Finally, Bank of America lowered Fortinet from a “buy” rating to a “neutral” rating and increased their target price for the company from $77.00 to $95.00 in a research report on Thursday, September 20th.
In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $62.23, for a total value of $77,787.50. Following the completion of the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at approximately $579,299.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 2,150 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total value of $156,885.50. Following the completion of the sale, the chief financial officer now directly owns 585 shares of the company’s stock, valued at $42,687.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 180,570 shares of company stock valued at $13,358,587. 17.70% of the stock is owned by corporate insiders.
Shares of NASDAQ:FTNT opened at $91.76 on Friday. Fortinet has a 1 year low of $35.44 and a 1 year high of $92.25. The company has a market cap of $15.14 billion, a PE ratio of 176.46, a price-to-earnings-growth ratio of 5.54 and a beta of 0.63.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm had revenue of $441.30 million for the quarter, compared to analyst estimates of $425.66 million. During the same quarter last year, the firm posted $0.27 EPS. The business’s revenue was up 21.4% on a year-over-year basis. analysts expect that Fortinet will post 0.96 earnings per share for the current fiscal year.
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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