Fortinet Inc (NASDAQ:FTNT) Receives $103.86 Average Target Price from Brokerages

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Fortinet Inc (NASDAQ:FTNT) has received an average recommendation of “Hold” from the twenty-eight research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and eleven have given a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $102.52.

Several research firms have recently weighed in on FTNT. Robert W. Baird set a $100.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research note on Sunday, September 15th. Credit Suisse Group upgraded shares of Fortinet from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $79.00 to $95.00 in a research note on Friday, November 15th. BidaskClub upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. BMO Capital Markets lifted their price objective on shares of Fortinet to $115.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada restated a “neutral” rating and set a $109.00 price target (up previously from $100.00) on shares of Fortinet in a research note on Tuesday, November 19th.

Shares of NASDAQ:FTNT traded down $1.19 during mid-day trading on Wednesday, hitting $103.92. The company had a trading volume of 1,145,748 shares, compared to its average volume of 1,624,211. The firm has a fifty day moving average price of $90.48 and a 200 day moving average price of $82.26. The company has a market capitalization of $17.98 billion, a PE ratio of 91.96, a price-to-earnings-growth ratio of 4.65 and a beta of 1.16. Fortinet has a one year low of $64.41 and a one year high of $106.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.11. The company had revenue of $547.50 million during the quarter, compared to analyst estimates of $533.55 million. Fortinet had a net margin of 19.23% and a return on equity of 25.46%. Fortinet’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS. On average, equities research analysts predict that Fortinet will post 1.62 earnings per share for the current year.

In other Fortinet news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the transaction, the vice president now directly owns 6,338,989 shares of the company’s stock, valued at approximately $495,265,210.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Whittle sold 2,465 shares of Fortinet stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $103.57, for a total transaction of $255,300.05. Following the transaction, the executive vice president now directly owns 9,309 shares in the company, valued at $964,133.13. The disclosure for this sale can be found here. Insiders have sold a total of 55,495 shares of company stock worth $4,686,823 over the last ninety days. Insiders own 17.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Maverick Capital Ltd. boosted its holdings in shares of Fortinet by 258.8% in the 3rd quarter. Maverick Capital Ltd. now owns 232,795 shares of the software maker’s stock worth $17,869,000 after buying an additional 167,915 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Fortinet by 719.7% in the 3rd quarter. Millennium Management LLC now owns 542,897 shares of the software maker’s stock worth $41,672,000 after buying an additional 630,497 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Fortinet by 43.2% in the 3rd quarter. Squarepoint Ops LLC now owns 344,221 shares of the software maker’s stock worth $26,422,000 after buying an additional 103,787 shares during the last quarter. KCM Investment Advisors LLC boosted its holdings in shares of Fortinet by 2.4% in the 3rd quarter. KCM Investment Advisors LLC now owns 10,495 shares of the software maker’s stock worth $806,000 after buying an additional 250 shares during the last quarter. Finally, Thor Advisors LLC purchased a new position in shares of Fortinet in the 3rd quarter worth about $154,000. 69.94% of the stock is currently owned by hedge funds and other institutional investors.

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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