Fortinet Receives Average Rating of “Buy” from Analysts (NASDAQ:FTNT)
Fortinet (NASDAQ:FTNT) has earned an average rating of “Buy” from the twenty-seven ratings firms that are presently covering the company, Analyst Ratings Network.com reports. Eight analysts have rated the stock with a hold recommendation and eighteen have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $24.57.
Fortinet (NASDAQ:FTNT) traded up 0.84% during mid-day trading on Tuesday, hitting $22.82. The stock had a trading volume of 224,647 shares. Fortinet has a 1-year low of $16.29 and a 1-year high of $25.35. The stock has a 50-day moving average of $21.24 and a 200-day moving average of $20.15. The company has a market cap of $3.726 billion and a P/E ratio of 87.04.
Fortinet (NASDAQ:FTNT) last released its earnings data on Wednesday, January 29th. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.17 earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. Analysts expect that Fortinet will post $0.49 EPS for the current fiscal year.
A number of research firms have recently commented on FTNT. Analysts at Sterne Agee initiated coverage on shares of Fortinet in a research note on Tuesday, February 4th. They set a “buy” rating on the stock. Separately, analysts at Barclays raised their price target on shares of Fortinet from $21.00 to $25.00 in a research note on Thursday, January 30th. They now have an “equal weight” rating on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of Fortinet from $22.00 to $23.00 in a research note on Thursday, January 30th.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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