Forescout Technologies (NASDAQ:FSCT) Raised to Buy at Zacks Investment Research

Forescout Technologies (NASDAQ:FSCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, Zacks.com reports. The firm presently has a $29.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 0.83% from the company’s current price.

According to Zacks, “ForeScout Technologies, Inc. provides network security hardware and software products primarily in the United States, Europe, the Middle East, Africa, the Asia Pacific and Japan. Its products include CounterACT Platform, CounterACT Models, Extended Integration Modules, Open Integration Module and Other Products. The Company’s solutions include Network Access Control; Endpoint Compliance; Bring Your Own Device & Mobile Security for Enterprise; Vulnerability Management, Policy and Solutions and Advanced Network Threat Prevention and Cyber Defense Solutions. ForeScout Technologies, Inc. is headquartered in San Jose, California. “

FSCT has been the topic of a number of other reports. UBS Group dropped their price target on shares of Forescout Technologies from $50.00 to $33.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 16th. Needham & Company LLC downgraded shares of Forescout Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Robert W. Baird restated a “buy” rating and set a $44.00 price target on shares of Forescout Technologies in a research report on Thursday, October 10th. ValuEngine downgraded shares of Forescout Technologies from a “buy” rating to a “hold” rating in a research report on Monday. Finally, FBN Securities set a $35.00 price target on shares of Forescout Technologies and gave the stock a “buy” rating in a research report on Friday, October 11th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $38.50.

FSCT stock opened at $28.76 on Monday. Forescout Technologies has a 52 week low of $22.01 and a 52 week high of $46.43. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -16.62 and a beta of 1.58. The firm’s 50-day moving average is $34.18 and its two-hundred day moving average is $35.86. The company has a current ratio of 1.16, a quick ratio of 1.15 and a debt-to-equity ratio of 0.27.

Forescout Technologies (NASDAQ:FSCT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.47. Forescout Technologies had a negative net margin of 28.14% and a negative return on equity of 73.42%. The company had revenue of $78.28 million for the quarter, compared to the consensus estimate of $77.22 million. During the same period in the previous year, the firm earned ($0.18) EPS. Forescout Technologies’s revenue was up 15.8% on a year-over-year basis. On average, equities research analysts predict that Forescout Technologies will post -2.01 earnings per share for the current year.

In other news, CEO Michael Decesare sold 25,000 shares of Forescout Technologies stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $35.08, for a total value of $877,000.00. Following the transaction, the chief executive officer now owns 654,991 shares of the company’s stock, valued at approximately $22,977,084.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Harms sold 7,676 shares of Forescout Technologies stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $36.35, for a total transaction of $279,022.60. The disclosure for this sale can be found here. Insiders sold a total of 175,873 shares of company stock worth $6,017,369 in the last ninety days. Corporate insiders own 13.80% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. NumerixS Investment Technologies Inc acquired a new position in shares of Forescout Technologies in the 2nd quarter worth approximately $78,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Forescout Technologies by 202.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,082 shares of the company’s stock worth $104,000 after purchasing an additional 2,064 shares during the last quarter. Aperio Group LLC acquired a new position in shares of Forescout Technologies in the 2nd quarter worth approximately $118,000. AQR Capital Management LLC acquired a new position in shares of Forescout Technologies in the 2nd quarter worth approximately $216,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Forescout Technologies in the 2nd quarter worth approximately $220,000. 69.51% of the stock is currently owned by institutional investors.

About Forescout Technologies

Forescout Technologies, Inc provides network security products in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. It offers CounterACT that provides for visibility and control capabilities across campus information technology and Internet of Things (IoT) devices, operational technology devices, data center physical and virtual devices, and cloud virtual devices; and SilentDefense, which offers visibility and control capabilities within the operational technology portion of the network.

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