Fortinet Inc. (NASDAQ:FTNT) has earned a consensus rating of “Buy” from the twenty-nine analysts that are currently covering the firm. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $36.16.
Several research analysts recently commented on the stock. Wells Fargo & Co. reaffirmed an “outperform” rating and issued a $37.00 target price (down from $43.50) on shares of Fortinet in a research note on Thursday. Piper Jaffray Cos. set a $30.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research report on Wednesday. Robert W. Baird set a $34.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $41.00 price objective (down from $42.00) on shares of Fortinet in a research report on Wednesday. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $30.00 price objective (down from $37.00) on shares of Fortinet in a research report on Wednesday.
Fortinet (NASDAQ:FTNT) opened at 31.19 on Tuesday. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of 842.97 and a beta of 1.62. The firm has a 50 day moving average of $35.71 and a 200-day moving average of $33.60. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same period in the previous year, the firm earned $0.11 earnings per share. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle sold 15,007 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total value of $832,676.00. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its stake in Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock valued at $48,135,000 after buying an additional 830,400 shares in the last quarter. HBK Investments L P boosted its stake in Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock valued at $1,682,000 after buying an additional 19,831 shares in the last quarter. Geode Capital Management LLC boosted its stake in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock valued at $18,302,000 after buying an additional 2,650 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the first quarter valued at approximately $337,000. 70.65% of the stock is owned by institutional investors.
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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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