Fortinet Price Target Increased to $24.00 by Analysts at RBC Capital (FTNT)
Stock analysts at RBC Capital lifted their price objective on shares of Fortinet (NASDAQ:FTNT) from $22.00 to $24.00 in a report issued on Thursday, AnalystRatingsNetwork.com reports. The firm currently has a “sector perform” rating on the stock. RBC Capital’s price target points to a potential upside of 19.58% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Fortinet in a research note to investors on Thursday. They now have a $29.00 price target on the stock, down previously from $30.00. Separately, analysts at Jefferies Group raised their price target on shares of Fortinet from $24.00 to $25.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Finally, 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. Fourteen research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $24.06.
Fortinet (NASDAQ:FTNT) traded down 3.69% during mid-day trading on Thursday, hitting $20.07. 2,574,319 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 $3.263 billion and a price-to-earnings ratio of 58.05.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, October 23rd. The company reported $0.12 EPS for the quarter, beating the Thomson Reuters 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 last year, the company posted $0.14 earnings per share. Fortinet’s revenue was up 13.5% compared to the same quarter last year. Analysts expect that Fortinet will post $0.46 EPS for the current fiscal year.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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