Cowen and Company Initiates Coverage on Fortinet (FTNT)
Equities research analysts at Cowen and Company assumed coverage on shares of Fortinet (NASDAQ:FTNT) in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set a “market perform” rating on the stock.
Shares of Fortinet (NASDAQ:FTNT) traded down 2.67% on Wednesday, hitting $20.78. 2,511,268 shares of the company’s stock traded hands. Fortinet has a 1-year low of $16.47 and a 1-year high of $25.35. The stock has a 50-day moving average of $20.49 and a 200-day moving average of $19.62. The company has a market cap of $3.379 billion and a price-to-earnings ratio of 59.47.
Fortinet (NASDAQ:FTNT) last released its earnings data on Tuesday, July 30th. The company reported $0.10 EPS for the quarter, meeting the Thomson Reuters 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.
FTNT has been the subject of a number of other recent research reports. Analysts at Oppenheimer raised their price target on shares of Fortinet from $24.00 to $26.00 in a research note to investors on Friday, October 4th. They now have an “outperform” rating on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Fortinet 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 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. Fourteen research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $23.94.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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