Fortinet (FTNT) Given New $95.00 Price Target at Stifel Nicolaus

Fortinet (NASDAQ:FTNT) had its target price boosted by Stifel Nicolaus from $85.00 to $95.00 in a research note released on Tuesday morning, AnalystRatings.com reports. The firm currently has a hold rating on the software maker’s stock.

Other equities analysts have also recently issued research reports about the stock. Oppenheimer lowered their price objective on shares of Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. BidaskClub raised shares of Fortinet from a hold rating to a buy rating in a research report on Wednesday, January 30th. Finally, Zacks Investment Research raised shares of Fortinet from a hold rating to a buy rating and set a $83.00 price objective for the company in a research report on Tuesday, January 29th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $82.26.

FTNT opened at $94.05 on Tuesday. Fortinet has a twelve month low of $53.40 and a twelve month high of $96.96. The stock has a market cap of $16.05 billion, a P/E ratio of 83.23, a P/E/G ratio of 4.90 and a beta of 0.90.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.11. The company had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. Fortinet’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. Analysts forecast that Fortinet will post 1.25 earnings per share for the current year.

In other news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $78.20, for a total value of $97,750.00. Following the completion of the transaction, the vice president now owns 10,559 shares of the company’s stock, valued at $825,713.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the completion of the transaction, the vice president now directly owns 6,444,644 shares of the company’s stock, valued at approximately $541,736,774.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,499 shares of company stock valued at $16,309,857. 17.70% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of FTNT. JPMorgan Chase & Co. raised its holdings in shares of Fortinet by 6.6% during the third quarter. JPMorgan Chase & Co. now owns 1,202,619 shares of the software maker’s stock worth $110,966,000 after purchasing an additional 74,061 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Fortinet by 25.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 396,228 shares of the software maker’s stock valued at $36,558,000 after purchasing an additional 79,588 shares in the last quarter. LPL Financial LLC lifted its stake in Fortinet by 226.6% during the third quarter. LPL Financial LLC now owns 17,647 shares of the software maker’s stock valued at $1,628,000 after buying an additional 12,244 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Fortinet by 1.5% during the third quarter. The Manufacturers Life Insurance Company now owns 239,352 shares of the software maker’s stock valued at $22,085,000 after buying an additional 3,436 shares in the last quarter. Finally, Vident Investment Advisory LLC purchased a new stake in Fortinet during the third quarter valued at about $415,000. 74.75% of the stock is 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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