Fortinet Price Target Increased to $23.00 by Analysts at Citigroup Inc. (FTNT)
Equities research analysts at Citigroup Inc. lifted their target price on shares of Fortinet (NASDAQ:FTNT) from $22.00 to $23.00 in a research note issued to investors on Thursday, Analyst Ratings Network reports. Citigroup Inc.’s price target points to a potential upside of 3.88% from the company’s current price.
A number of other analysts have also recently weighed in on FTNT. Analysts at JMP Securities upgraded shares of Fortinet from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday. They now have a $26.00 price target on the stock. Separately, analysts at Wedbush upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, January 15th. They now have a $24.00 price target on the stock, up previously from $21.00. Finally, analysts at Morgan Stanley upgraded shares of Fortinet from an “equal weight” rating to an “overweight” rating in a research note to investors on Monday, January 13th. They now have a $25.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and an average target price of $24.57.
Fortinet (NASDAQ:FTNT) traded up 3.41% on Thursday, hitting $22.14. 8,775,360 shares of the company’s stock traded hands. Fortinet has a 52-week low of $16.29 and a 52-week high of $25.35. The stock has a 50-day moving average of $19.65 and a 200-day moving average of $20.04. The company has a market cap of $3.619 billion and a price-to-earnings ratio of 66.91.
Fortinet (NASDAQ:FTNT) last released its earnings data on Wednesday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. The company had revenue of $177.40 million for the quarter, compared to the consensus estimate of $165.97 million. During the same quarter last year, the company posted $0.17 earnings per share. Fortinet’s revenue was up 17.3% compared to the same quarter last year. On average, analysts predict that Fortinet will post $0.56 earnings per share for the current fiscal year.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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