Fortinet (NASDAQ:FTNT) Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a buy rating in a research report released on Friday morning, BidAskClub reports.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. set a €56.70 ($65.93) target price on Fresenius SE & Co KGaA and gave the stock a buy rating in a report on Monday, June 24th. Cowen reduced their target price on Nordstrom from $44.00 to $36.00 and set a market perform rating on the stock in a report on Thursday, May 23rd. Morgan Stanley increased their target price on from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the stock an equal weight rating in a report on Tuesday, June 11th. Mizuho started coverage on Fortinet in a report on Tuesday, March 26th. They set a neutral rating and a $90.00 target price on the stock. Finally, Stifel Nicolaus raised QUALCOMM from a hold rating to a buy rating and increased their target price for the stock from $57.00 to $100.00 in a report on Tuesday, April 16th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $85.54.

FTNT opened at $85.02 on Friday. The firm has a market cap of $14.44 billion, a price-to-earnings ratio of 75.24, a P/E/G ratio of 4.30 and a beta of 1.09. Fortinet has a 52-week low of $62.27 and a 52-week high of $96.96. The stock’s fifty day moving average is $76.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.26. The company had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. Fortinet’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. On average, sell-side analysts forecast that Fortinet will post 1.31 EPS for the current fiscal year.

In other Fortinet news, VP John Whittle sold 1,250 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $92.44, for a total value of $115,550.00. Following the completion of the transaction, the vice president now directly owns 10,559 shares in the company, valued at $976,073.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $81.62, for a total value of $81,620.00. Following the completion of the transaction, the director now owns 72,621 shares of the company’s stock, valued at $5,927,326.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,513 shares of company stock valued at $4,855,024. 17.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its position in shares of Fortinet by 4.0% during the first quarter. BlackRock Inc. now owns 10,830,955 shares of the software maker’s stock worth $909,477,000 after acquiring an additional 411,632 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Fortinet by 35.5% during the first quarter. AQR Capital Management LLC now owns 3,803,217 shares of the software maker’s stock worth $316,808,000 after acquiring an additional 997,004 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its position in shares of Fortinet by 3.2% during the first quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,682,806 shares of the software maker’s stock worth $225,275,000 after acquiring an additional 83,797 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fortinet by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after acquiring an additional 787,230 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Fortinet by 5.7% during the first quarter. Bank of Montreal Can now owns 2,132,487 shares of the software maker’s stock worth $179,063,000 after acquiring an additional 115,253 shares during the last quarter. Hedge funds and other institutional investors own 73.24% of the company’s stock.

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.

Further Reading: Management Fee

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit