Analysts’ Weekly Ratings Updates for Fortinet (FTNT)

Several analysts have recently updated their ratings and price targets for Fortinet (NASDAQ: FTNT):

  • 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.”
  • 7/13/2017 – Fortinet was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 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.
  • 6/7/2017 – Fortinet is now covered by analysts at Susquehanna Bancshares Inc. They set a “neutral” rating and a $45.00 price target on the stock.
  • 6/2/2017 – Fortinet was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.

Fortinet, Inc. (FTNT) opened at 40.23 on Tuesday. The firm has a market capitalization of $7.07 billion, a price-to-earnings ratio of 174.91 and a beta of 1.03. The firm has a 50-day moving average of $38.80 and a 200 day moving average of $36.33. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, April 27th. The software maker reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. The business had revenue of $340.60 million during the quarter, compared to the consensus estimate of $334.44 million. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. The company’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post $0.91 EPS for the current year.

In related news, Director Ming Hsieh sold 4,743 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $39.29, for a total value of $186,352.47. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christopher B. Paisley sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $39.04, for a total transaction of $234,240.00. Following the completion of the sale, the director now directly owns 67,949 shares in the company, valued at $2,652,728.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,857 shares of company stock valued at $1,178,454. Insiders own 17.00% of the company’s stock.

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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