Fortinet (NASDAQ:FTNT) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Friday, BidAskClub reports.

A number of other analysts have also weighed in on FTNT. JPMorgan Chase & Co. set a $111.00 target price on Fortinet and gave the company a “buy” rating in a research note on Friday, November 1st. Monness Crespi & Hardt raised their price target on Fortinet from $102.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 1st. Mizuho raised their price target on Fortinet from $86.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Morgan Stanley set a $82.00 price target on Fortinet and gave the company a “hold” rating in a report on Friday, November 1st. Finally, Robert W. Baird set a $100.00 price target on Fortinet and gave the company a “hold” rating in a report on Sunday, September 15th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.29.

Shares of NASDAQ:FTNT opened at $100.12 on Friday. Fortinet has a twelve month low of $64.41 and a twelve month high of $100.85. The firm has a market cap of $16.41 billion, a PE ratio of 88.60, a price-to-earnings-growth ratio of 4.28 and a beta of 1.08. The business has a fifty day moving average of $82.54 and a 200-day moving average of $81.06.

Fortinet (NASDAQ:FTNT) last announced 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 company had revenue of $547.50 million during the quarter, compared to analyst estimates of $533.55 million. During the same period last year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, analysts predict that Fortinet will post 1.6 EPS for the current fiscal year.

In other Fortinet news, EVP John Whittle sold 12,280 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $100.00, for a total transaction of $1,228,000.00. Following the transaction, the executive vice president now owns 15,442 shares in the company, valued at $1,544,200. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the transaction, the director now owns 75,213 shares in the company, valued at approximately $6,071,193.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,280 shares of company stock worth $5,084,560. 17.20% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Valeo Financial Advisors LLC boosted its holdings in 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 buying an additional 487 shares during the last quarter. CENTRAL TRUST Co bought a new position in Fortinet during the third quarter worth about $45,000. Amica Retiree Medical Trust bought a new position in Fortinet during the second quarter worth about $51,000. Employers Holdings Inc. bought a new position in Fortinet during the second quarter worth about $54,000. Finally, North Star Investment Management Corp. bought a new position in Fortinet during the third quarter worth about $62,000. Hedge funds and other institutional investors own 70.30% 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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