Investment analysts at Mizuho began coverage on shares of Fortinet (NASDAQ: FTNT) in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $28.00 price target on the stock.
Fortinet (NASDAQ: FTNT) opened at 23.36 on Tuesday. Fortinet has a 1-year low of $17.53 and a 1-year high of $28.82. The stock’s 50-day moving average is currently $23.63. The company has a market cap of $3.775 billion and a price-to-earnings ratio of 58.40.
Fortinet (NASDAQ: FTNT) last issued its quarterly earnings data on Wednesday, January 30th. The company reported $0.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.15 by $0.02. The company had revenue of $151.16 million for the quarter, compared to the consensus estimate of $144.28 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue was up 25.1% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.61 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on FTNT. Analysts at Needham & Company raised their price target on shares of Fortinet from $24.00 to $29.00 in a research note to investors on Thursday, January 31st. They now have a “buy” rating on the stock. Separately, analysts at Oppenheimer raised their EPS on shares of Fortinet in a research note to investors on Thursday, January 31st. They now have an “outperform” rating and a $26.00 price target on the stock. Finally, analysts at FBR Capital raised their price target on shares of Fortinet from $25.00 to $27.00 in a research note to investors on Thursday, January 31st. They now have an “outperform” rating on the stock.
Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $27.43.
Fortinet, Inc. (NASDAQ: FTNT) provides network security solutions. Through the Company’s products and subscription services, Fortinet provides integrated and protection against security threats for enterprises, service providers and governmental entities worldwide.