Several brokerages have updated their recommendations and price targets on shares of Fortinet (NASDAQ: FTNT) in the last few weeks:

  • 8/10/2017 – Fortinet was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.
  • 7/31/2017 – Fortinet was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/28/2017 – Fortinet was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 7/28/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Cowen and Company. They now have a $43.00 price target on the stock.
  • 7/28/2017 – Fortinet had its “hold” rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $42.00 price target on the stock.
  • 7/27/2017 – Fortinet was given a new $38.00 price target on by analysts at Evercore ISI. They now have a “hold” rating on the stock. They wrote, “We believe most segments performed well with the exception of service providers. The company maintained its long-term margin targets (25% by 2022) which remain unaccompanied by growth metrics. FTNT’s board doubled the share repurchase authorization through Jan. 2019, which we view as a positive. We believe the company continues to execute on its push to shift its business towards ratable revenue which should make the topline more predictable and serve as a tailwind to margin expansion. The lack of clarity around the long-term business model remains an overhang that in combination with potentially tough guidance for the remainder of the year should keep the stock range bound in the near-term.””
  • 7/27/2017 – Fortinet had its price target raised by analysts at Dougherty & Co from $46.00 to $48.00. They now have a “buy” rating on the stock.
  • 7/27/2017 – Fortinet was given a new $50.00 price target on by analysts at Robert W. Baird. They now have a “buy” rating on the stock. They wrote, “We believe expectations were somewhat elevated coming into the print. Management called out delays in Telco Service Provider offset but positive trends in Enterprise.””
  • 7/13/2017 – Fortinet was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 7/13/2017 – Fortinet was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Fortinet is a provider of network security appliances and Unified Threat Management (UTM) network security solutions. The stock has outperformed the broader market on YTD basis. Despite persistent macro uncertainties, management seems to be positive on the back of a healthy network security market, solid product line-up and investment plans. Going ahead, we believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, competition from key network security players such as Cisco Systems, Check Point, Juniper and Palo Alto Networks, remains a concern.”
  • 7/7/2017 – Fortinet was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $43.00 price target on the stock. According to Zacks, “Fortinet is a provider of network security appliances and Unified Threat Management (UTM) network security solutions. The stock has outperformed the broader market on YTD basis. Despite persistent macro uncertainties, management seems to be positive on the back of a healthy network security market, solid product line-up and investment plans. Going ahead, we believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, competition from key network security players such as Cisco Systems, Check Point, Juniper and Palo Alto Networks, remains a concern.”
  • 7/5/2017 – Fortinet was upgraded by analysts at OTR Global to a “positive” rating.
  • 7/4/2017 – Fortinet was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Fortinet is a provider of network security appliances and Unified Threat Management (UTM) network security solutions. The stock has outperformed the broader market on YTD basis. Despite persistent macro uncertainties, management seems to be positive on the back of a healthy network security market, solid product line-up and investment plans. Going ahead, we believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, competition from key network security players such as Cisco Systems, Check Point, Juniper and Palo Alto Networks, remains a concern.”
  • 6/29/2017 – Fortinet is now covered by analysts at Northland Securities. They set an “outperform” rating and a $45.00 price target on the stock.
  • 6/22/2017 – Fortinet had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings, Inc.. They now have a $45.00 price target on the stock.
  • 6/14/2017 – Fortinet is now covered by analysts at Monness Crespi & Hardt. They set a “buy” rating and a $45.00 price target on the stock.

Fortinet, Inc. (FTNT) opened at 36.11 on Friday. The firm has a 50 day moving average price of $38.38 and a 200 day moving average price of $37.88. Fortinet, Inc. has a 12-month low of $28.51 and a 12-month high of $41.56. The company has a market cap of $6.35 billion, a PE ratio of 98.93 and a beta of 1.02.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.

In other Fortinet news, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the sale, the insider now directly owns 978 shares in the company, valued at approximately $39,833.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at $260,454.87. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,258 shares of company stock worth $535,475. 16.40% of the stock is currently owned by company insiders.

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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