Deutsche Bank Reiterates Buy Rating for Fortinet (FTNT)
Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Deutsche Bank in a research note issued to investors on Thursday, Analyst Ratings.Net reports. They currently have a $29.00 price target on the stock, down from their previous price target of $30.00. Deutsche Bank’s target price points to a potential upside of 39.16% from the company’s current price.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.36% during mid-day trading on Thursday, hitting $20.84. 4,538,002 shares of the company’s stock traded hands. Fortinet has a 52-week low of $16.47 and a 52-week high of $27.96. The stock’s 50-day moving average is $20.42 and its 200-day moving average is $20.09. The company has a market cap of $3.388 billion and a price-to-earnings ratio of 57.27. Fortinet also saw unusually large options trading on Monday. Stock investors purchased 25,514 call options on the company. This represents an increase of 315% compared to the average daily volume of 6,147 call options.
Fortinet (NASDAQ:FTNT) last released its earnings data on Wednesday, October 23rd. The company reported $0.12 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.11 by $0.01. The company had revenue of $154.70 million for the quarter, compared to the consensus estimate of $151.00 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.47 earnings per share for the current fiscal year.
A number of other firms have also recently commented on FTNT. Analysts at Jefferies Group raised their price target on shares of Fortinet to $25.00 in a research note to investors on Thursday. Separately, analysts at FBR Capital Markets raised their price target on shares of Fortinet from $25.00 to $26.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Fortinet from $25.00 to $27.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Fourteen investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $23.94.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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