Fortinet (NASDAQ:FTNT) was upgraded by investment analysts at Credit Suisse Group from an “underperform” rating to a “neutral” rating in a report issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $95.00 price target on the software maker’s stock, up from their prior price target of $79.00. Credit Suisse Group’s target price indicates a potential downside of 9.77% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Robert W. Baird set a $100.00 target price on Fortinet and gave the company a “hold” rating in a report on Sunday, September 15th. Monness Crespi & Hardt lifted their target price on Fortinet from $102.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 1st. ValuEngine cut Fortinet from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Deutsche Bank set a $97.00 target price on Fortinet and gave the company a “hold” rating in a report on Friday, November 1st. Finally, BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twelve have assigned a buy rating to the stock. Fortinet currently has a consensus rating of “Hold” and a consensus price target of $102.30.

Shares of FTNT stock traded up $1.45 during mid-day trading on Friday, hitting $105.29. 57,621 shares of the company’s stock were exchanged, compared to its average volume of 1,653,700. Fortinet has a fifty-two week low of $64.41 and a fifty-two week high of $104.35. The stock has a 50-day simple moving average of $84.50 and a two-hundred day simple moving average of $81.24. The stock has a market cap of $17.37 billion, a price-to-earnings ratio of 93.14, a PEG ratio of 4.53 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.11. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The firm had revenue of $547.50 million for the quarter, compared to analysts’ expectations of $533.55 million. During the same quarter last year, the firm earned $0.49 earnings per share. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet will post 1.6 EPS for the current year.

In other news, CEO Ken Xie sold 8,000 shares of Fortinet stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total transaction of $650,640.00. Following the sale, the chief executive officer now directly owns 12,523,273 shares of the company’s stock, valued at $1,018,517,793.09. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total value of $3,125,200.00. Following the sale, the vice president now directly owns 6,338,989 shares in the company, valued at $495,265,210.57. The disclosure for this sale can be found here. Insiders sold 60,280 shares of company stock worth $5,003,840 over the last three months. 17.20% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC increased its position in shares of Fortinet by 2,117.4% during the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares during the last quarter. CENTRAL TRUST Co purchased a new stake in shares of Fortinet during the third quarter worth about $45,000. Amica Retiree Medical Trust purchased a new stake in shares of Fortinet during the second quarter worth about $51,000. Employers Holdings Inc. purchased a new stake in shares of Fortinet during the second quarter worth about $54,000. Finally, North Star Investment Management Corp. purchased a new stake in shares of Fortinet during the third quarter worth about $62,000. 69.65% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Company Profile

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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