Fortinet Sees Unusually Large Options Volume (FTNT)
Fortinet (NASDAQ:FTNT) was the target of unusually large options trading activity on Friday. Stock investors acquired 20,059 call options on the company, StockRatingsNetwork.com reports. This represents an increase of 383% compared to the typical daily volume of 4,157 call options.
FTNT has been the subject of a number of recent research reports. Analysts at Oppenheimer raised their price target on shares of Fortinet (NASDAQ:FTNT) from $24.00 to $26.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Fortinet (NASDAQ:FTNT) from $23.00 to $25.00 in a research note to investors on Thursday, August 1st. They now have a “buy” rating on the stock. Finally, analysts at Raymond James raised their price target on shares of Fortinet (NASDAQ:FTNT) from $21.00 to $24.00 in a research note to investors on Thursday, August 1st. They now have an “outperform” rating on the stock. Thirteen equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Fortinet has a consensus rating of “Hold” and a consensus target price of $23.94.
Shares of Fortinet (NASDAQ:FTNT) traded up 5.65% on Friday, hitting $21.69. The stock had a trading volume of 4,918,246 shares. Fortinet has a 52 week low of $16.47 and a 52 week high of $25.35. The stock has a 50-day moving average of $20.35 and a 200-day moving average of $19.72. The company has a market cap of $3.526 billion and a price-to-earnings ratio of 57.19.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $147.40 million for the quarter, compared to the consensus estimate of $142.63 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 14.3% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.47 earnings per share for the current fiscal year.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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